Paraguay to regulate crypto trading and mining

[ad_1]

After El Salvador votes to make Bitcoin legal tender, Paraguay is also taking the necessary steps to regulate crypto by introducing a new bill by Congressman Carlos Rejala and Senator Fernando Silva Facetti.

Rejala doesn’t have much power, as his party only has two seats in Congress, but Facetti is the leader of one of the main opposition parties in Paraguay, the Genuine Radical Liberal Party, which will increase the odds to have the bill approved.

Rejala added laser eyes to her Twitter profile picture, similar to Nayib Bukele’s photo on the social media website.

But, unlike El Salvador, the new bill is not intended to make Bitcoin legal tender.

Instead, the bill will regulate crypto mining and trading through exchanges and peer-to-peer markets. He will also apply for the registration of crypto service providers with the Undersecretariat for State Taxation, in order to “optimize the collection of taxes from this industry.”

“The purpose of this bill is to establish legal, financial and fiscal security in companies derived from the production and marketing of virtual assets,” the document mentions.

[ad_2]