Paraguayan Bill Regulating Crypto Mining and Trading Moves Closer to Law

The legislation was approved with modifications in the country’s Chamber of Deputies and will now return to the Senate, which had passed it in December. Paraguay's Chamber of Deputies on Wednesday approved by a 40-12 vote  a bill regulating crypto mining and trading.

The country’s Senate in December had already passed similar legislation, and the bill will now return to that body with the Chamber of Deputies’ modifications. Once the Senate approves the changes, the pending law would move to the executive branch, which hasn’t yet signaled whether it will sign or veto.

Speaking with CoinDesk last year, Carlos Rejala – one of the bill’s authors – said the legislation aims to attract international miners to Paraguay, which has one of the lowest electricity rates in Latin America at around 5 cents per kilowatt-hour.

In favor of the proposal, Congressman Sebastián García (PPQ-Capital) said the bill sets ceilings so that energy consumption is in line with availability.