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Crypto regulated soon in Paraguay? Central bank is opposed

 


Paraguay is considered by some people to be a potential hotspot for cryptocurrency acceptance due to its relatively low electricity costs and taxes. The government recognized this opportunity and launched new legislation on digital assets. 


On May 25, a bill regulating cryptocurrency trading, mining, and custody was approved by the Paraguayan Congress by a 40-12 vote . The bill now has to be ratified by the Senate and will then be presented to President Mario Abdo Benítez for signature.



The law applies to anyone in Paraguay who works in the mining, commercialization, trading, transmission, production, custody or management of cryptocurrencies and related functions. The legislation provides financial and legal guarantees for companies and individuals. At the same time, however, restrictions are also set with regard to electricity consumption and taxation.


Article 11 of the draft law states: "Crypto mining is considered an industrial and innovative activity. Such activities benefit from all the mechanisms and incentives provided for in national legislation."


However, there are also opponents of this regulation. The Central Bank of Paraguay and the Budget Commission oppose digital currencies and they described the move as a "high-risk project with no benefit for the state". Again, the common arguments were put forward that cryptocurrencies would support criminal activity and significantly increase electricity costs .


Paraguay is not the only country in Latin America that is actively engaged in the regulation of digital assets. El Salvador started the legalization trend in June 2021 when the country adopted Bitcoin ( BTC ) as legal tender. Crypto regulation is also being discussed in Brazil, Argentina, Uruguay and Panama.

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