CryptoSeptic
Saturday, May 24, 2025
  • Login
Advertise
No Result
View All Result
  • Exchanges
    • Best Crypto Exchanges
    • Best Indian Exchanges
  • Wallet
    • Best Hardware Wallets
    • Best Bitcoin Wallet
    • Best Crypto Cards
  • Mining
    • Best Cloud Mining
    • Best Hardware Mining
    • Best GPU Mining
    • Best CPU Mining
  • VPN
    • Best VPN List
    • Best VPN Based on Countrywise
    • 10 Best Free VPN
  • Review
    • Extra
      • Gambling
        • CSGO Sites
      • Loan
      • Earn Interest
      • Ad Network
      • Gift Card
      • Security
Trade Crypto
Buy/Sell Bitcoin
  • Exchanges
    • Best Crypto Exchanges
    • Best Indian Exchanges
  • Wallet
    • Best Hardware Wallets
    • Best Bitcoin Wallet
    • Best Crypto Cards
  • Mining
    • Best Cloud Mining
    • Best Hardware Mining
    • Best GPU Mining
    • Best CPU Mining
  • VPN
    • Best VPN List
    • Best VPN Based on Countrywise
    • 10 Best Free VPN
  • Review
    • Extra
      • Gambling
        • CSGO Sites
      • Loan
      • Earn Interest
      • Ad Network
      • Gift Card
      • Security
No Result
View All Result
  • Login
CryptoSeptic
No Result
View All Result
Home News

The President of Paraguay strikes down a law that would have regulated cryptocurrencies.

The president of Paraguay vetoes a law to regulate cryptocurrencies, The Senate of the country passed the bill in July. This is because low energy costs continue to make mining in the country more profitable.

Azmarine by Azmarine
August 31, 2022
in News
Reading Time: 2 mins read
0 0
Crypto Paraguay Blockchain
Share on FacebookShare on Twitter

On Monday, Mario Abdo Bentez, who is president of Paraguay, vetoed a bill that would have made mining cryptocurrency an industrial activity. He thought that mining’s high electricity use might make it harder for a sustainable national industry to grow.

The decree said that crypto mining uses a lot of money but not many people, so it won’t add as much value to the economy as other industrial activities. Cryptocurrency is one of the biggest sources of jobs all over the world. According to LinkedIn’s Economic Graph, the number of crypto and blockchain jobs posted in the US in 2021 was 615 percent higher than in 2020.

Relating Posts

Netflix bans crypto commercials on ad-based streaming service

Crypto miner Poolin pauses BTC and ETH withdrawals, citing ‘liquidity problems’

Reserve Bank of India preparing to trial a CBDC with public sector banks and fintechs

Bed Bath & Beyond CFO Accused of ‘Pump & Dump’ to Inflate Stock Value

Bank of Russia to legalize Crypto cross-border payments

Regulators Find Flaws in Pro-Crypto Bank Revolut’s Audits

Crypto Paraguay Flag with Bitcoin

According to the bill’s sponsor, Senator Fernando Silva Facetti, the law was meant to encourage crypto mining by using excess electricity, but the Paraguayan government chose to ignore the activity in the country:

1# Hoy recibimos de @PresidenciaPy el VETO TOTAL a Ley “Que regula la minería, comercialización, intermediación, intercambio, transferencia, custodia y administración de #CRIPTOACTIVOS” ignorando existencia de esta actividad que hoy funciona en la sombra normativa. (abro hilo)

— FernandoSilvaFacetti (@FSilvaFacetti) August 30, 2022

In the end, the Paraguayan Senate passed the proposal on July 14, making crypto mining an industrial activity. They established a 15% tax on economic activities related to it, but the decree sees the brackets as a way to indirectly help the industry. It says:

According to the document, industrial investment in the country grew by 220% in the last year, reaching $319 million, and the GDP grew by more than 4% in the last five years. If this keeps up, the national industry could need all of the energy made and available in the country to keep going.

Crypto Paraguay Location on Map

“By subordinating the rate applicable to the users of crypto miners to just a small percentage above the current industrial rate, an indirect industrial incentive would be offered to crypto mining.”

“If Paraguay wants to increase crypto mining now, it will have to import electricity in four years,” the decree said.

The Senate passed a bill that says miners would have to apply for a license and ask permission to use industrial energy. It also established the Ministry of Industry and Commerce the main law enforcement agency and gave the Secretariat for the Prevention of Money or Asset Laundering the job of keeping an eye on crypto investment companies.

Crypto Paraguay Blockchain

Since 2020, mining infrastructure has been set up in Paraguay by both local and foreign companies. This is due to the low cost of energy in the country. According to global petrol electricity reports, the cost of electricity for costs was $0.058 per kWh and the cost for costs was $0.049 per kWh in December 2021.

Tags: Crypto Law
ShareTweetSendShare
Azmarine

Azmarine

Crypto Enthusiast - Who is Fascinated how BlockChain can take over the world!

Related Posts

Netflix bans crypto commercials CryptoSeptic
Controversy

Netflix bans crypto commercials on ad-based streaming service

September 6, 2022
Crypto Rig Mining Laptop - CryptoSeptic.com
Controversy

Crypto miner Poolin pauses BTC and ETH withdrawals, citing ‘liquidity problems’

September 6, 2022
Crypto Trading India
News

Reserve Bank of India preparing to trial a CBDC with public sector banks and fintechs

September 6, 2022
Bed Bath & Beyond Biz Stocks Trends CryptoSeptic
Controversy

Bed Bath & Beyond CFO Accused of ‘Pump & Dump’ to Inflate Stock Value

September 6, 2022
Russia Crypto Coin Adoption - CryptoSeptic.com
Controversy

Bank of Russia to legalize Crypto cross-border payments

September 6, 2022
Pro-Crypto Bank Revolut’s Audits CryptoSeptic
Controversy

Regulators Find Flaws in Pro-Crypto Bank Revolut’s Audits

September 6, 2022
Load More
bitcoinBitcoin
$ 107,839.89
$ 107,839.89
2.67%
ethereumEthereum
$ 2,551.20
$ 2,551.20
4.01%
litecoinLitecoin
$ 96.80
$ 96.80
3.58%

Get Into Crypto Now

Paxful

PaxFul

Binance Image

Binance

NiceHash

NiceHash

Minergate image

Minergate

LEDGER

Ledger

trezor

Trezor

cropped-Bitcoins.png

FreeBitcoin

Roobet

Roobet

Popular Stories

  • Crypto Groups – Pumping and Dumping Scheme? When To Buy and Sell?

    Crypto Groups – Pumping and Dumping Scheme? When To Buy and Sell?

    269 shares
    Share 0 Tweet 0
  • Famous Celebrities who Invested in SafeMoon – More to Come?

    16 shares
    Share 0 Tweet 0
  • USDT-TRC20 Deposit Stuck in Bitmart for Millions of Traders

    0 shares
    Share 0 Tweet 0
  • CoinPilot Review: Best CryptoTrading Service Automatic Profits?

    0 shares
    Share 0 Tweet 0
  • AdShares- How To Withdraw Funds from Crypto Ad Network?

    0 shares
    Share 0 Tweet 0
[the_ad id="4314"]

Quick Links

  • VPN
  • Express VPN
  • Nord VPN
  • Zenmate
  • Pure VPN
  • Hotspot Shield
  • CyberGhost
  • Mining
  • NiceHash
  • MinerGate
  • Kyrptex
  • CryptoTab
  • GamerHash
  • CudoMiner
  • Exchanges
  • Binance
  • Paxful
  • Bitfinex
  • KuCoin
  • Bitmart
  • Kraken
  • Wallet
  • Coinbase
  • Paxful
  • Blockchain
  • Trezor
  • Ledger
  • CryptoPay
  • Gambling
  • Roobet
  • Stake
  • Bitstarz
  • FreeBitcoin
  • Daddy Skins
  • Roll Bit
  • Security
  • 1Password
  • Authy
  • DashLane
  • Last Pass
  • Proton Mail
  • Tor Guard

CryptoSeptic

CryptoSeptic was started with a vision to provide various articles & news based on Blockchain, Metaverse, Cryptocurrency, and Decentralization all in one place. Strong Crypto Community With over 6000+ Active Members, latest Signals, updates, news, and more...

Facebook Twitter Discord Quora Reddit Pinterest Tumblr
  • About
  • Contact Us
  • Sitemap
  • Privacy Policy
  • Blog
  • Advertise
  • Partners

Copyright © 2020-22  CryptoSeptic – Crypto Community

No Result
View All Result
  • Exchanges
    • Best Crypto Exchanges
    • Best Indian Exchanges
  • Wallet
    • Best Hardware Wallets
    • Best Bitcoin Wallet
    • Best Crypto Cards
  • Mining
    • Best Cloud Mining
    • Best Hardware Mining
    • Best GPU Mining
    • Best CPU Mining
  • VPN
    • Best VPN List
    • Best VPN Based on Countrywise
    • 10 Best Free VPN
  • Review
    • Extra
      • Gambling
      • Loan
      • Earn Interest
      • Ad Network
      • Gift Card
      • Security

© 2021 CryptoSeptic

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In