President of Paraguay Mario Abdo Vetoes Cryptocurrency Bill
The President of Paraguay, Mario Abdo has issued an executive veto on a recently approved cryptocurrency bill. Abdo’s veto decree states cryptocurrency mining is an “energy-intensive” and a low-value-added activity. The bill will now be returned to Congress to be approved again or to be rejected entirely. President of Paraguay Considers Cryptocurrency Mining an Energy Intensive Activity The President of Paraguay, Mario Abdo, has exerted an executive veto on the recently approved cryptocurrency bill, after more than a year of discussions in the Paraguayan....
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The bill was approved by the nation's Senate in July as low-energy costs continue to boost mining activities in the country. Paraguay's president, Mario Abdo Benítez, vetoed a bill that sought to recognize cryptocurrency mining as an industrial activity on Monday. He reasoned that mining's high electricity consumption could hinder the expansion of a sustainable national industry. The decree stated that crypto mining uses intensive capital with low manpower usage, and therefore would not generate added value on par with other industrial activities. Around the world, cryptocurrency is one of....
The Paraguayan Senate has decided to reject the total veto that President Mario Abdo exerted over a proposed cryptocurrency bill on September 2. The Senate defended the initiative, stating that passing the bill would benefit the country due to its effect on tracking the energy consumption of crypto miners and the income that mining taxes would bring to the state.
Paraguayan Senate Affirms Cryptocurrency Bill Approval
The Paraguayan Senate is ready to fight against the president when it comes to the passing of the recently approved cryptocurrency bill. President Mario Abdo exerted....
A new bill for crypto regulation has been approved by Paraguayan Congress despite the central bank and budget commission’s rejection of the project. Paraguay is viewed by many as a potential hot spot for cryptocurrency adoption due to low electricity costs and relatively soft taxation. The government has recognized this opportunity by pushing forward new legislation around digital assets. On May 25, a bill that regulates cryptocurrency trading, mining and custody was approved by the Paraguayan Congress in a vote of 40 to 12. The bill must now be ratified by the Senate to finally reach....
A cryptocurrency bill introduced in July to the Senate of Paraguay has been approved. The text, which defines several important concepts including virtual assets, and establishes the need for licenses to mine cryptocurrencies, will now advance to the Deputy Chamber to be discussed.
Paraguay Could Approve Crypto Law by Next Year
A new cryptocurrency bill has taken its first step toward being approved as law in Paraguay. The project, which was introduced in July, was approved in the Paraguayan Senate after a heated discussion, according to reports from its promoter, Senator....
Cryptocurrency regulation in Paraguay is progressing steadily, as a crypto bill introduced in December has been approved by the Chamber of Representatives in the country. The bill, which contains definitions and rules for cryptocurrency mining, one of the hot topics in Paraguay due to the cheap electricity costs, will be passed to the Senate to be discussed.
Paraguay Advances Crypto Bill
Latam countries are taking cryptocurrencies in a more serious light, and are now working to approve cryptocurrency legal frameworks. This is the case of Paraguay, a country that has been....