Monday, April 8, 2024

Paraguay To Evaluate Enhanced Regulation For Bitcoin Mining

TOPSHOT - Paraguayan presidential candidate for the Colorado Party, Santiago Peña (C), celebrates ... [+] with his wife, Leticia Ocampos de Pea (R), and Paraguayan former President Horacio Cartes, after winning the presidential election in Asuncion on April 30, 2023. - Paraguayans went to the polls Sunday to pick a president they hope will tackle endemic corruption, rising crime and economic inequality, with the election potentially impacting the country's future ties with Taiwan. (Photo by NORBERTO DUARTE / AFP) (Photo by NORBERTO DUARTE/AFP via Getty Images)

This proposed law also aims to prohibit the storage and trading of cryptocurrencies. One of the main arguments for its discussion is that the country has many illegal bitcoin mining operations. The ban will last at least six months, and regulators said the objective is to protect consumers from virtual assets' risks. This bill must go through three other levels inside Congress before hitting the president's desk.

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