On December 17, 2021, the Senate of Paraguay approved the cryptocurrency bill announced in July. The plans, which include a wide range of information including specific assets and calls for approval of my funds, will now be deposited in the House of Representatives for further discussion.
Senator Fernando Silva Facetti, who supported the bill, said it was passed by the Paraguayan Senate after a heated debate. According to the senator, the legislation also seeks to encourage the importation of cryptocurrency through the use of locally generated electricity.
The body of the law includes information for private assets, tokens, cryptocurrency mining and VASPs (service providers). It also gives the Ministry of Industry and Trade the right to seek assistance from foreign agencies to enforce the law.
The bill clearly states that cryptocurrency mining is a legal action, saying:
“Property restoration is a digital and innovative business. This business will benefit from all the incentives provided by national legislation.”
Paraguay is reportedly more violent than before. As a result, many companies prefer to establish cryptocurrency importers there to take advantage of it.
Note: South America’s second -largest adoption of foreign currency is growing.
In July, Paraguayan MP Carlos Rejala and Senator Fernando Silva Facetti presented the Bitcoin (BTC) bill to Congress, demonstrating lawmakers ’commitment to building a meaningful digital policy. for their kingdom. This law has been passed by the National Assembly and will be discussed in the Legislative Assembly in 2022.
Given the economic challenges in households and currencies, particularly in Argentina, Venezuela, and Mexico, South America has emerged as a viable outcome for the adoption of cryptocurrency. For example, as their country’s fiat currency collapses, Argentina and Venezuela are turning to other currencies such as Bitcoin as a more viable option. Others, such as El Salvador, have taken a very different approach, with the president encouraging the use of BTC in public places.