Paraguay senate is creating a regulatory framework that will help in cryptocurrency adoption among the populace. Thursday, December 16, 2021, a bill was presented by three senators with the cryptocurrency regulatory framework.
The names of these senators are Fernando Silva Facetti (of the Authentic Radical Liberal Party), Antonio Apuril (Hagamos), and Juan Bartolomé Ramírez (also of the PLRA). The voting was also positive given the fact that 29 votes were in favor, 8 against, 6 abstentions, and 2 absences.
Two main aspects of this law are focused on commercial activities and mining. Within commercial activities, they want to ensure that companies that trade cryptocurrencies in the country must be included in the register of virtual asset providers. As it relates to cryptocurrency mining, the government seems very bullish. They are planning to create incentives for miners.
These incentives will help to bring more miners into the industry. They also have an edge as they have an abundant reserve of energy at very cheap prices. This can be attractive for foreign investors if they want to get in on a piece of the action.
The only thing blocking these proposals is approval from the Chamber of deputies and further on by the Executive Power. It will be interesting to see how this plays out and how they will be rolled out.
Seeing countries adapting to digital currencies is an extraordinary spectacle being played out in real time. It’s as if every day someone is giving the green light to “wifi money”. El Salvador made a brave move to accept bitcoin as a legal tender and I am positive they will not be the last. It’s only a matter of time.
