Paraguayan President vetoes cryptocurrency mining bill

Paraguayan President vetoes cryptocurrency mining bill

President Paraguay vetoes bill on cryptocurrency mining

The President of Paraguay, Mario Abdo Benítez, has vetoed a bill regulating the mining and trading of cryptocurrencies.

https://twitter. com/PresidenciaPy/status/1564376136058126336?ref_src=twsrc%5Etfw

According to the head of state, high electricity consumption in the extraction of digital assets can hinder the development of a sustainable national industry.

Senator Fernando Silva Fachetti criticized Benitez's decision. He noted that such an approach “is evidence of myopia.”

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“The president opposes regulation of a sector that requires control and destroys the ability to attract new investors and formalize hundreds of small and medium-sized companies that operate in this industry,” Facetti wrote.

At the end of May, the amended document was approved in the lower house of the country's parliament. The main change concerned the transfer of supervisory functions to the Ministry of Industry and Trade.

The bill provided for the licensing of miners, as well as the creation of a register of individuals and legal entities that provide trading and storage services for digital assets to third parties.

In July, the initiative was supported by the Senate of Paraguay, after which the document was sent to the head of state for approval.

Earlier, Congressman Carlos Rehala announced a bill related to bitcoin. Later, he clarified that Paraguay does not plan to give digital gold the status of legal tender, but is going to develop “effective” regulation of cryptocurrencies.

Recall that the President of Panama, Laurentino Cartiso, also did not support the document adopted by Parliament on regulating the use of cryptocurrencies in the current

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