President of Paraguay vetoes crypto regulation law

The bill was approved by the country's Senate in July as lower energy costs boost mining activity in the country Paraguay's president, Mario Abdo Benitez, on Monday vetoed a bill to recognize cryptocurrency mining as an industrial activity. He argued that the high electricity costs of mining could hinder the expansion of a sustainable national industry.

The decree states that crypto mining is capital intensive with low manpower usage, and therefore will not create additional value on par with other industrial activities. All over the world, cryptocurrency is one of the biggest job creators. LinkedIn's economic graph shows that crypto and blockchain job listings in the US grew 615% in 2021 compared to 2020.