{"id":384891,"date":"2021-12-23T12:05:00","date_gmt":"2021-12-23T09:05:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/paraguay-moves-a-step-closer-to-regulating-digital-currency\/"},"modified":"2021-12-23T12:05:00","modified_gmt":"2021-12-23T09:05:00","slug":"paraguay-moves-a-step-closer-to-regulating-digital-currency","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/paraguay-moves-a-step-closer-to-regulating-digital-currency\/","title":{"rendered":"# Paraguay moves a step closer to regulating digital currency"},"content":{"rendered":"<p>&#8220;<strong># Paraguay moves a step closer to regulating digital currency  <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTIvMWQ4NGE2NjMtZTk0Zi00NWIzLWFjOTUtYmI0NGQzYTUyYjM0LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>On Dec. 17, 2021, the Senate of Paraguay <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roved a cryptocurrency bill introduced in July. The provisions, which define several key terms including virtual assets and call for licenses to mine cryptocurrencies, will now be sent to the Deputy Chamber for further deliberation.<\/p>\n<p>Senator Fernando Silva Facetti,\u00a0the bill&#8217;s sponsor, revealed that it&#8217;s passed in the Paraguayan Senate after a contentious debate. According to the senator, the law also aims to foster the growth of crypto mining activities by using the surplus electricity generated in the country.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">(1\/3) Today, after an intense debate, the Senate <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SenadoresPy?ref_src=twsrc%5Etfw\">@SenadoresPy<\/a> approved todaya New Law Project which  regulates  the industry and commercialization of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#Crypto<\/a> assets <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Paraguay?src=hash&amp;ref_src=twsrc%5Etfw\">#Paraguay<\/a> after &#8230;(open threat)<\/p>\n<p>\u2014 FernandoSilvaFacetti (@FSilvaFacetti) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/FSilvaFacetti\/status\/1471632949036658696?ref_src=twsrc%5Etfw\">December 17, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nThe body of the legislation includes a definition for virtual assets, tokens, cryptocurrency mining and VASPs (virtual asset service providers). It also grants the Ministry of Industry and Commerce the authority to seek assistance from government bodies outside its boundaries to implement the law.<\/p>\n<p>The bill explicitly states that cryptocurrency mining is a legal activity, noting that:<\/p>\n<blockquote><p>&#8220;Virtual asset mining is a digital and innovative industry. This industry will benefit from all incentive mechanisms provided in national legislation.&#8221;<\/p><\/blockquote>\n<p>Paraguay\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.borgenmagazine.com\/renewable-energy-in-paraguay\/\">reportedly<\/a> produces more energy than it consumes. As a result, several firms are interested in establishing cryptocurrency mining operations there to exploit this potential surplus.<\/p>\n<p><strong><em>Related:<\/em><\/strong><strong><em> <\/em><\/strong><strong><em>Mass adoption looms as South America&#8217;s second-largest company accepts crypto payments<\/em><\/strong><\/p>\n<p>In July, Paraguayan Congressperson Carlos Rejala and Senator Fernando Silva Facetti\u00a0presented a Bitcoin (BTC) bill in Congress, demonstrating the lawmakers&#8217; commitment to crafting a comprehensive digital asset policy for their nation. The legislation has now been passed by the country&#8217;s Congress and will be discussed in the Chamber of Deputies in 2022.<\/p>\n<p>Due to local economic and fiscal challenges, especially in Argentina, Venezuela, and Mexico, South America has emerged as a viable\u00a0hotbed for cryptocurrency\u00a0adoption. For example, as their national fiat currencies crumbled,\u00a0Argentinians and Venezuelans have turned to digital alternatives like Bitcoin as a more viable payment option. Others, such as El Salvador, have taken a completely different approach, with the president\u00a0encouraging the use of BTC\u00a0on the people<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/paraguay-moves-a-step-closer-to-regulating-digital-currency\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Paraguay moves a step closer to regulating digital currency &#8221; On Dec. 17, 2021, the Senate of Paraguay approved a cryptocurrency bill introduced in July. The provisions, which define several key terms including virtual assets and call for licenses to mine cryptocurrencies, will now be sent to the Deputy Chamber for further deliberation. Senator&#8230;<\/p>\n","protected":false},"author":1,"featured_media":384892,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTIvMWQ4NGE2NjMtZTk0Zi00NWIzLWFjOTUtYmI0NGQzYTUyYjM0LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,75042,79490,74355,55229,70934,70289,72916],"class_list":["post-384891","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-mining","tag-south-america","tag-adoption","tag-law","tag-regulation","tag-senate","tag-venezuela"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/384891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=384891"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/384891\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/384892"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=384891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=384891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=384891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}