DailyCoin
Published Jul 16, 2021 10:00AM ET
Not Just Another Bukele: Paraguay to Regulate Crypto Mining
Bitcoin’s allure is transcending borders in Latin America. Another law is under way, this time proposing a regulatory framework for a licensing process for Bitcoin mining.
The Chamber of Deputies of Paraguay’s Congress is currently considering a bill that would establish cryptocurrency regulations. Those guidelines would formally recognize and authorize the use and mining of digital assets within that country. Congressmen Silva Facetti and Carlitos Rejala co-drafted the proposal – a translated version of which can be viewed here.
Congressman Rejala posted a message to his Twitter followers on July 15th, after submitting the draft legislation to fellow lawmakers
The translated tweet reads:
“As we had already announced, yesterday we presented the "Bitcoin Law" project. This bill provides a clear regulatory framework on the cryptocurrency generation industry attracting foreign investment in Paraguay.” This action follows El Salvador’s adoption of Bitcoin last month as a sovereign currency in that country.
That initiative was spearheaded by Salvadorian President, Nayib Bukele who was looking to raise the economic options for 70% of his country’s population, which lacks access to any banking or financial services.
There are several differences between the two countries’ legislative approaches to cryptocurrencies, which include:
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