Countries around the world are bringing important regulatory measures to fit crypto into the national economic framework. The South American country of Paraguay is not much behind other countries and might soon have its own crypto regulations in place. The proposed cryptocurrency bill of the country has advanced to the Chamber of Deputies and is only a few steps away from becoming an enacted law in the country.
Back in July of this year, the cryptocurrency bill made its first appearance in the parliament of Paraguay. It was passed after several rounds of intense debate and is now moving forward to the Chamber of Deputies. It will be discussed here in the first part of 2022, and pro-crypto lobbies in the country are hopeful of its successful passing.
The proposed cryptocurrency bill of Paraguay is comprehensive in terms of the assets it covers. It also has sections dedicated to the regulation of cryptocurrency mining. Paraguay is a top destination for crypto mining since the country produces almost four times the power they need. If used in mining, this surplus power will be of great use to Bitcoin miners looking for a safe space to mine. Unlike many other countries, Paraguay does not suffer from a problem of power shortage.
Keeping all factors in mind, Paraguay might not be very far from having its cryptocurrency regulations in place. If enacted, it will be one of the most comprehensive and detailed crypto regulations in the world.