Paraguay crypto mining

Paraguayan Senate Vetoes President’s Decision on Crypto Mining Bill

03.10.2022 08:53 (Updated 03.10.2022 09:10)
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by Sviatoslav Pinchuk
1 min read

Back in July, the Paraguayan senate approved the national crypto mining regulatory bill. The following month, president Mario Abdo Benitez vetoed the bill, citing high energy expenditure costs. Now, the saga continues, as 33 Paraguayan senators have rejected the president’s veto.

Paraguayan senators have stated that they are in favor of the bill for several reasons. These include additional tax revenue and new jobs in the mining sector that will be created if the bill is passed.

In fact, prominent crypto miners are already looking at expanding their operations to include Paraguay. For instance, Bitfarms announced that it will be setting up shop in Paraguay, initially for the duration of five years. In this period, Bitfarms will be purchasing 10 MW of hydropower from Paraguay annually.

However, president Benitez is concerned precisely that Paraguay won’t have sufficient energy to back crypto mining; especially as he believes this wouldn’t create enough jobs to justify such politics. We’ll see what happens soon, as the bill is next discussed in Paraguay’s Chamber of Deputies.

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  • Man who simply bought some BTC for domestic needs in 2014 and then forgot about it till 2017. The dude who got Ethereum in 2017 by misclick and sold it in 2018 "just to try". Lost 1 Florida house in XEM in 2018, Sviatoslav finally decided to trade reasonably and now he is one of the most analytical and data-driven trader in Crypto Industry. Has Bachelor Degree of Chinese Interpreter and deep practical experience in competitive niches SEO.

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