• About Us
  • Privacy Policy
  • Contact Us
Coinpress
No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
coinpress
No Result
View All Result
Home Regulation

Bitcoin Trading And Mining Will Now Be Regulated In Paraguay

by Press Release
December 13, 2022
in Regulation
0
Bitcoin Trading And Mining Will Now Be Regulated In Paraguay
0
SHARES
13
VIEWS
Share on FacebookShare on Twitter


Bitcoin trading and mining will now be under the crosshair of the Paraguay government.

Last month, the Chamber of Deputies of Paraguay endorsed a measure to regulate cryptocurrencies over opposition from the country’s central bank. Bitcoinist reported that during a special session in May, deputies approved the modified crypto law draft by a vote of 40 to 12.

Now, Paraguay is laying the groundwork for regulating cryptocurrency activity after the country’s senators approved the proposed legislation.

Suggested Reading | Coinbase Rumors Going Insolvent Grow – Here’s What People Are Saying

Paraguay Senators Give Nod To Bitcoin Regulation

Friday, the Paraguay Senate approved a bill that would regulate and commercialize cryptocurrency trading and mining in the South American nation.

Fernando Silva Facetti, minister of technology, information, and communication in Paraguay, was happy to announce the new law through Twitter.

 

1) #Cripto #Paraguay After an intense debate @SenadoresPy, we’ve approved the Bill that regulates #cryptoasset activities. This new law establishes obligations, rights and warranties to investors, to the consumer and the Government…. #Bitcoin pic.twitter.com/ODpQxC3XZy

— FernandoSilvaFacetti (@FSilvaFacetti) July 14, 2022

The country’s Chamber of Senators had already approved the bill in December, but the Chamber of Deputies passed it with amendments last month. Consequently, the bill returned to the top chamber.

Paraguay’s new crypto legislation may turn the nation into a mining hub. Image - Flickr

Based on the main ordinance proposed by the Chamber of Deputies and with Senate approval, the Ministry of Industry and Commerce of Paraguay will be the primary public authority. It will penalize anyone or any legal entity using cryptocurrency for mining or other services without the necessary authorization.

The proposed crypto bill gave more authority to the Secretariat for the Prevention of Money or Asset Laundering, which will oversee the entire investment process undertaken by crypto startups.

Bitcoin Legislation Benefits Crypto Miners

The bill also assigns the National Electricity Administration responsibility for facilitating the energy supply, while the National Securities Commission supervises commercial activity using crypto assets.

Paraguay’s two dams, Itaipu and Usina, provide 85 percent of the country’s entire electricity requirements. Therefore, the nation supplies reasonably priced energy.

BTC total market cap at $421 billion on the daily chart | Source: TradingView.com

While this is an advantage for bitcoin miners, the proposed legislation pushes the energy advantages a step further by giving crypto miners with the excess electricity produced by dams.

Bitfarms, a Canadian bitcoin miner, is one of the largest mining companies in Paraguay, with a 10-megawatt plant built in the city of Villarica, situated in the country’s south-central region.

?PARAGUAY: #Bitcoin and crypto companies exempt from paying VAT in newly approved bill.

— Bitcoin Archive ??? (@BTC_Archive) July 16, 2022

According to reports, companies operating in the cryptocurrency sector would be taxed similarly to those who trade in securities. As a result, the Undersecretary of State for Taxation will exempt them from paying value-added tax, but they will be subject to income tax.

As of this writing, Bitcoin is trading at $22,080, up 5.8 percent in the last seven days, data by Coingecko show, Monday.

Suggested Reading – Bitcoin Gives Way To Ruble: Putin Signs Law Banning Crypto Payments In Russia

Featured image from Benzinga, chart from TradingView.com





Source link

READ ALSO

Arizona Senator Pushes Bill To Make Crypto Legal Form Of Currency

How New Jersey’s Potential NFT Regulation Can Set Poor Precedent

Tags: BitcoinMiningParaguayRegulatedTrading

Related Posts

Arizona Senator Pushes Bill To Make Crypto Legal Form Of Currency
Regulation

Arizona Senator Pushes Bill To Make Crypto Legal Form Of Currency

January 26, 2023
How New Jersey’s Potential NFT Regulation Can Set Poor Precedent
Regulation

How New Jersey’s Potential NFT Regulation Can Set Poor Precedent

January 20, 2023
Indian Regulator Gets Rid Of Its Only Crypto Exchange Body – Bane Or Boon?
Regulation

Indian Regulator Gets Rid Of Its Only Crypto Exchange Body – Bane Or Boon?

December 13, 2022
Bitcoin Gives Way To Ruble: Putin Signs Law Banning Crypto Payments In Russia
Regulation

Bitcoin Gives Way To Ruble: Putin Signs Law Banning Crypto Payments In Russia

December 13, 2022
Regulation

‘Bitcoin Valley’ Opens In Honduras Town In Hopes Of Attracting Tourists

December 13, 2022
Regulation

What Did US Lawmakers Ask Miners Core Scientific, Riot, Marathon & Stronghold?

December 13, 2022

POPULAR NEWS

MonoDX Discloses the Future of Crypto Trading Automation

MonoDX Discloses the Future of Crypto Trading Automation

September 1, 2022
Be The First To Know About Ecoto

Be The First To Know About Ecoto

April 28, 2021
Avalon-WM Review  – Where Every Online Trader Should Trade

Avalon-WM Review – Where Every Online Trader Should Trade

February 19, 2021
AniFi World Ramps Up – Launches ANIFI Token After a Booming Presale on GemPad, Staking and More to Come

AniFi World Ramps Up – Launches ANIFI Token After a Booming Presale on GemPad, Staking and More to Come

September 2, 2022
Koinswap is launching its own layer-1 blockchain.

Koinswap is launching its own layer-1 blockchain.

September 3, 2022

EDITOR'S PICK

Huobi Publishes Asset Transparency Report, Revealing $3.5B in Crypto Holdings

November 13, 2022
UK Crypto Rules Set a Modest Post-Brexit Divergence From the Europe Union

UK Crypto Rules Set a Modest Post-Brexit Divergence From the Europe Union

February 3, 2023
Hive Earned 184 BTC From Curtailing Its Power Use in December — That’s Almost As Much As it Mined

Hive Earned 184 BTC From Curtailing Its Power Use in December — That’s Almost As Much As it Mined

January 9, 2023

CryptoVirally To Offer Innovative Marketing Services for Crypto Projects

June 3, 2022

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation

Recent Posts

  • Arbitrum’s First Governance Proposal Turns Messy With $1B ARB Tokens at Stake
  • Bitcoin & The History of Bank Runs
  • Balaji Srinivasan’s $1M Bitcoin Bet Could Be Right, but I Hope He’s Wrong
  • U.S. Government Case Against Voyager-Binance.US Deal Has 'Substantial' Merits, Judge Says
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 coinpress.media

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 coinpress.media