Paraguay’s Senate has recently approved a draft law that regulates the trade and mining of cryptocurrencies in the country.
Paraguay’s Senator Fernando Silva Facetti, one of the three authors of the draft law, has confirmed the news on Twitter. According to him, the Chamber of Deputies of the Paraguay will discuss the bill in 2022.
The low cost of electricity in Paraguay is the main reason why companies focused on crypto mining are interested in the country. The cost of electricity in Paraguay is about $0.05 per kilowatt-hour, while 100% of the energy is produced by hydroenergy sources.
According to Facetti, with the new law, Paraguay will adopt crypto mining as a separate branch and create a base for the performance of the equipment.
We should take into account that the law proposes to create a register of individuals and legal entities wishing to provide cryptocurrency trade and storage services in the country.