In Order to Better Regulate Crypto Mining and Trading, Paraguay Senate Passes New Bill
The South American country of Paraguay has passed a bill to help the government better regulate cryptocurrency mining and trading. This brand-new law was passed in late 2021 but modified in May 2022 by the nation’s lower house, the Chamber of Deputies, and then passed by the Senate.
As the upper and lower houses have passed this new law, it’s now up to the executive brand, which can give its approval or veto the entire proposal. The critical point here is that this new bill states that Paraguay’s Ministry of Industry and Commerce is to function as the primary law enforcement entity when prosecuting companies or individuals that fall out of line and break the law.
The Secretariat for the Prevention of Money or Asset Laundering will oversee all investments conducted by countries throughout the country. The National Electrical Administration is also responsible for handling the energy supply that allows commercial crypto operations to continue. Most importantly, this new bill does not recognize cryptocurrencies of any kind to be legal tender.
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