Paraguay has introduced a bill that will limit the use of electricity for crypto mining operations.
In general, the bill aims to regulate matters such as the commercialization of crypto assets, brokerage, exchange, transfer and management.
Paraguay Insist on Crypto Regulation
Although the country’s congress approved a crypto bill, President Mario Abdo Benitez vetoed the bill.
Senator Fernando Silva Facetti stated that he ignored the “existence of this activity in legal loopholes” regarding the president’s decision.
Speaking to a regulator of Paraguay’s Legislature, Tito Damian Ibarrola said that the country can generate pretty good tax revenues thanks to its Bitcoin mining industry.
Increase in Crypto Regulations
Especially after the collapse of the crypto money exchange FTX, the studies on crypto regulations gained momentum. The other day, the UK announced that it has come to an end in cryptocurrency regulations.
Similarly, European Union countries approved the bill known as MiCA. It is rumored that the bill could enter into force next year.
