Bitcoin News and Finance Paraguayan Cryptocurrency Law Shelved After Presidential Veto Skip to main content

Paraguayan Cryptocurrency Law Shelved After Presidential Veto

paraguay crypto law veto paraguayan

The cryptocurrency and mining law that the Paraguayan Congress passed in June was finally shelved on Dec. 5. The document, which sought to bring order to crypto mining and exchange activities in Paraguay, was ultimately dropped after failing to obtain the votes needed to reject the presidential veto it received.

Paraguayan Crypto Law Dropped After Support Wanes

The Paraguayan cryptocurrency law that was introduced in Congress in 2021 was finally shelved after not receiving the support it needed in the Deputy Chamber. The project, which was vetoed in September by President Mario Abdo, failed to gather the votes needed in order to reject this veto.

The veto had previously been rejected by the Paraguayan senate, which aimed to approve and pass the law without presidential support. The veto had the support of the Commission for Industry, Commerce, Tourism, and Cooperatives; while the Economic and Financial Affairs, and the Fight against Drug Trafficking, Related and Serious Illicit Activities commissions rejected the motion.

Some deputies questioned the veto, stating that the cryptocurrency issue must be studied and regulated due to its importance. In this vein, deputy Sebastian Garcia criticized this outcome, stating that with this move, the cryptocurrency subject will remain in an “absolute informality.”

Reasons for Supporting the Veto Motion

One of the biggest reasons wielded by President Mario Abdo and other deputies to exert a complete veto on this bill has to do with the determinations it makes about the power delivered to cryptocurrency miners. Abdo stated that cryptocurrency mining was an activity featuring “high consumption of electrical energy, but little use of labor.”

Also, the law established limits for the fees that crypto miners pay for the power delivered to their operations. This would clash with the method of determining power tariffs by the National Power Administration (ANDE), an organization that also supported the veto measure after having found several cryptocurrency farms that were connected illegally to the power network.

Deputy Arnaldo Samaniego argued that rejecting the veto motion would put ANDE in a tight spot, facing potential losses of up to $30 million. Deputy Jose Rodriguez also supported this position, explaining that the organization could not operate with losses derived from this law.

This development puts the cryptocurrency regulation efforts in Paraguay back at square one, with legislators having to once more propose and discuss a hypothetical new cryptocurrency law.

What do you think about the final destiny of the cryptocurrency and mining law in Paraguay? Tell us in the comments section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory