Paraguay Lawmaker Launches New Bid to Regulate Bitcoin Mining

cryptonews.com:

The Paraguayan Congress could be set to vote on a new bill to regulate Bitcoin (BTC) mining, despite an ongoing crackdown on illegal mining operations.

Per the Spanish-language media outlet Criptonoticias, the bill was launched by lawmaker María Constancia Benítez.

The bill appears to be pro-business, as it reportedly “highlights the capacity of the Bitcoin mining industry to promote the economic and technological development of Paraguay.”

Benítez’s bill will need to pass the committee stage before her fellow lawmakers can vote on it.

However, it is worth noting that Benítez’s draft law is Paraguayan parliamentarians’ fourth attempt to regulate the sector.

A 2022 private member’s bill, co-authored by mining firms and their lawyers, won approval from both houses – only to be vetoed by the President.

However, the new bill proves that lawmakers remain keen to turn Paraguay into a major BTC mining player.

Benítez’s draft law notes that Bitcoin mining can help “attract foreign investments and generate new jobs.” The text of the bill reads:

“It is of fundamental importance to legislate crypto mining, as it has the potential to attract foreign and domestic investments and boost employment. [Doing so will] position Paraguay as a modernized, technological hub in the [Latin American] region.”

Diputada presenta nuevo proyecto de ley para regular la minería de #Bitcoin en Paraguay

La diputada María Constancia Benítez de Guairá (departamento donde hay presencia de mineros de #Bitcoin) presentó el proyecto de ley “QUE REGULA LA CRIPTOMINERÍA EN LA REPÚBLICA DEL… pic.twitter.com/pdQPXoEUtn

— Joaquin Morinigo