Paraguay Approves Bill to Regulate Bitcoin Mining and Trading

On Thursday, the Paraguayan Senate passed a bill aimed at regulating cryptocurrency mining and trading in the country. The bill would require all miners — whether individuals or businesses — to request approval for industrial electricity consumption, before applying for a permit.

Additionally, the bill states that the Industry and Trade Secretariat will oversee cryptocurrency mining in the country, albeit with the help of the Anti-Money Laundering Office and the country's National Securities Commission. country. Meanwhile, the National Electricity Administration will also participate in regulating this activity. Meanwhile, while not explicitly stating the idea of ​​exchange, the bill explicitly proposes a type of record keeping of any legal person or business entity that wishes to provide transaction or storage services. cryptographically sign other people. Also included in the bill is that Paraguay consumes only a third of the energy it produces. Invariably, this means that, if managed, cryptocurrency mining operations will offset the remaining thousands of megawatts of electricity that Paraguay is not currently using.

Paraguay is without a doubt a safe haven for many miners due to its low electricity prices, which are obviously the lowest in the region, charging only around $0.05 per kilowatt hour.

< Source : Telegraph >