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Paraguay passes a bill on mining and trading cryptocurrencies

Paraguay passes a bill on mining and trading cryptocurrencies

The Paraguayan government has passed a bill related to crypto mining and exchange in the country. The bill was approved back in December but was posted for modification by the chamber of deputies and was approved in May.

Under the modified law, the ministry of industry and commerce will be the primary law enforcement agency. From now on, for mining cryptocurrencies and for any other use, entities will have to get permission from the ministry. Individuals or any private company will be penalised for not having the proper authorisation.

The senate approved these modifications, which were originally proposed by the chamber of deputies. The energy used for mining will be monitored and controlled by the national electricity administration.

The companies that will be investing in crypto will be supervised by the secretariat to prevent money laundering. The obtained assets will be commercialised by the National Securities Commission.

More insights on mining commercialization

The new policy requires individuals as well as corporate miners to obtain a licence.

The miners will have to pay electricity charges as per industrial standards.

One of the bills’ authors, congressman Carlos Rajda, said this law is made to attract miners globally due to Paraguay’s low electricity rates of approximately 5 cents per kilowatt-hour.

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