The ParaguayanSenate will discuss taking bitcoin mining out of the “grey zone”

A bill aimed at regulating the use of cryptocurrencies in the country was discussed in the Chamber of Senators’ session

03.12.2021 - 12:20

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What’s new? The bill was developed over several months by a group of miners and a member of the Paraguayan parliament Carlos Rejala. On December 2, the issue was tabled for debate in the Senate, Ultima Hora reports.

Information on the Ultima Hora website

Who supported the bill? The first to come out in support was Fernando Silva Facetti, the leader of the Authentic Radical Liberal Party. His opinion prompted other parliamentarians to take a positive view of the document as well. Fellow senators Tony Apuril and Juan Bartolomé Ramírez also voiced their support for the bill.

What does Fasetti say? He urged lawmakers to develop mining as a new industry for the country. The official noted that the move will allow cryptocurrency transactions and mining to cease their activities in the “grey zone” in which they currently exist. Facetti added:

"In no way is it supposed to give these digital assets legal force as currency. The aim is to make them a commodity. If we consider them as a product, they become more visible and they can be traded on the stock exchange like iron, copper, corn, and many others.”

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