The Senate of Paraguay Nearing Crypto Integration

The Senate of Paraguay Nearing Crypto Integration

Earlier this week, the Senate of Paraguay brought about a bill that strives for recognition of mining crypto, and digital assets being part of the nation's economy.

The news on Paraguays' future ambitions is said to enhance the growing interest in cryptocurrencies, according to Paraguay’s Senator Fernando Silva Facetti. Also, the overflow of electricity that’s being generated in Paraguay will finally be put to use since multiple institutions have excess renewable energy resources.

The bill will instate licenses to mine crypto which may be a gateway for some South American countries to get out of the economic rut. Currently, the demand for cryptocurrencies (especially Bitcoin) in places like Venezuela has drastically increased due to the fall of its own currency. Digital assets are set to refill this economic drought that the country is in right now.

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The bill for regulated crypto mining was already passed by Congress, and is set to be finalized in 2022 after going through the Chamber of Deputies. In fact, lawmakers themselves seem transparent and quite inclusive in terms of welcoming digital assets as real currencies in the country, with the bill stating: 

"Virtual asset mining is a digital and innovative industry. This industry will benefit from all incentive mechanisms provided in national legislation."

As of right now, the introduction of digital currencies is highly supported nationwide, and it's only a matter of time before other countries with surplus electricity will become hotspots for crypto mining.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree