Paraguay’s Proposed Bitcoin Bill to Regulate Cryptocurrency Trading and Mining

After El Salvador, Paraguay is taking essential steps towards regulating cryptocurrency by introducing a new bill developed by Congressman Carlos Rejala and Senator Fernando Silva Facetti.

While Rejala’s party only holds two seats in Congress, Facetti is a leader in one of the main opposition parties in the country, the Authentic Radical Liberal Party, which increases the chances of approval.

Inspired by El Salvador's pro-Bitcoin president, Nayib Bukele, last month, Rejala added laser eyes to his Twitter profile picture and promised an innovative law involving Bitcoin.

A month later, a bill has been introduced, but it is not following the same path as El Salvador, where Bitcoin has been adopted as a legal tender alongside the US dollar.

According to the draft uploaded by Decrypt, the bill regulates cryptocurrency mining and trading through exchanges and peer-to-peer marketplaces. It further requires the registration of the service providers of cryptocurrencies with the county’s Undersecretariat of State Taxation to help “optimize the tax collection of this industry.” The rough translation of the document reads,

“The purpose of this draft law is to establish legal certainty, financial and fiscal in the businesses derived from the production and commercialization of virtual assets.”

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