[Delio] Paraguayan Senate Accepts Crypto Bill
The Paraguayan Senate has passed legislation to regulate cryptocurrencies and their operations in the country, crypto media Bitcoin.com reported on July 18.
The draft, which had already been filed to the deputy chamber, was passed with several revisions proposed, including the establishment of precise definitions and tax exemptions for enterprises in the cryptocurrency and crypto mining industries. Similarly, the bill requires crypto mining businesses to submit a power consumption plan to the national power administration, which has the authority to shut off electricity to these enterprises if they do not comply. In addition, payment for power services will be given in advance.
The law, which was first introduced in the Paraguayan Senate in July of last year, seeks to regulate commercial activity using digital assets. This included licensing and supervising Bitcoin mining operations in the country. The proposed legislation made no cryptocurrency legal tender. Moreover, it planned to draft the frame on industrial electricity consumption as the country’s daily usage could reach “the electricity consumption of thousands of megawatts that Paraguay currently has as surplus.”
Unlike El Salvador, Paraguay has had many of the same worries about crypto entities as other countries, including taxes. The country sought to ensure that crypto firms are taxed and that such transactions and investments are traceable.
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