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The South American government has adopted a law establishing a tax and regulatory framework for cryptocurrency mining. The measure governs enterprises engaged in Bitcoin-friendly nation's mining operations.
The plan derives from legislation filed by Congressman Carlos Rejala and Senator Fernando Silva Facetti last year, which also sought to control the mining and trade of cryptocurrencies. It currently needs President Mario Abdo Benitez's approval before becoming law.
This time, the legislation mandates that the Ministry of Sector and Commerce (MIC) supervise crypto industry service providers.
The text of the measure has not yet been published. Still, according to the website of the Congress of Paraguay, mining will require authorization from the MIC, and the National Electricity Administration will be responsible for energy delivery.
It adds that the Secretariat for the Prevention of Money and Asset Laundering will oversee crypto firms’ machinery purchases.
Doesn’t that sound like a huge deal? If it is signed, it is.
Paraguay is becoming an increasingly appealing location for cryptocurrency mining, as miners are attracted by the country’s inexpensive and environmentally friendly power, and authorities seek to transform it into a cryptocurrency center.
Bitcoin mining is adding and validating transaction blocks to the public blockchain of Bitcoin. It is frequently performed on an industrial scale since it requires many computers and, consequently, a great deal of energy.
Bitfarms, a Canadian mining company, stated last year that it would expand to the nation under a five-year lease with an annually renewable power purchase agreement to acquire 10 MW of green hydropower.
Despite the new legislation, Paraguay will still lag behind El Salvador. Bitcoin is legal cash in the Central American nation, and companies must accept it if they have the technological capability to do so.
President Nayib Bukele, El Salvador’s controversial and eccentric leader, has also spent millions of dollars on cryptocurrency, which he admits he purchases on his phone while nude or “occasionally while using the restroom.”