Back in July, the Paraguayan senate approved the national crypto mining regulatory bill. The following month, president Mario Abdo Benitez vetoed the bill, citing high energy expenditure costs. Now, the saga continues, as 33 Paraguayan senators have rejected the president’s veto.
Paraguayan senators have stated that they are in favor of the bill for several reasons. These include additional tax revenue and new jobs in the mining sector that will be created if the bill is passed.
In fact, prominent crypto miners are already looking at expanding their operations to include Paraguay. For instance, Bitfarms announced that it will be setting up shop in Paraguay, initially for the duration of five years. In this period, Bitfarms will be purchasing 10 MW of hydropower from Paraguay annually.
However, president Benitez is concerned precisely that Paraguay won’t have sufficient energy to back crypto mining; especially as he believes this wouldn’t create enough jobs to justify such politics. We’ll see what happens soon, as the bill is next discussed in Paraguay’s Chamber of Deputies.
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