Paraguay Lawmaker Launches New Bid to Regulate #Bitcoin Mining $BTC
Yes, a lawmaker in Paraguay has introduced a bill aimed at regulating Bitcoin mining in the country ¹. This move comes despite an ongoing crackdown on illegal mining operations in Paraguay ¹. The government is pushing for stricter regulations to curb energy theft and other illegal activities associated with Bitcoin mining ². The proposed legislation may impose penalties, including imprisonment for up to 10 years, for illegal mining activities and allow for the confiscation and sale of mining equipment used for illegal activities ².
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.”
Will Paraguay Finally Regulate Bitcoin Mining?
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.
