Paraguay’s Senate in Favor of Legalizing Bitcoin & Crypto Mining
Cryptocurrency-related activities are gaining favorable responses from legislators in some parts of the world. This could result in favorable regulation for Bitcoin and a host of other cryptocurrencies.
Paraguay’s Senate Passes the Bitcoin & Crypto Mining Bill
The Paraguay senate has passed the Bitcoin and cryptocurrency mining bill, a huge victory for crypto activists in the South American country. The bill was passed with an overwhelming victory, showcasing a strong desire to legalize Bitcoin and cryptocurrency mining in the region.
According to the local reports, 29 senators voted in favor of the bill, with six against it and two absentees. The bill seeks to regulate cryptocurrency mining activities in the country. The bill was introduced a few months ago by a group of Paraguayan miners in partnership with the lower house MP Carlitos Rejala.
The bill will make it possible for miners, especially foreign mining pools, to set up shop at data centers near the power plants. If approved, the move is expected to provide a major new source of income for the South American country.
Bill Moves to the Lower House
The bill will now be voted on by Paraguay’s lower house. Once approved, it would become easier for cryptocurrency miners to set up shop in the country. It will also provide jobs for locals as the investment will open up numerous opportunities.
Paraguay, similar to most South American countries, has been positive towards cryptocurrencies. El Salvador became the first country in the world to make Bitcoin a legal tender, and other Latin American countries have been working hard to regulations attract crypto-related businesses.
Mining companies have been moving to favorable countries after most of them left China earlier this year due to the ban on cryptocurrency mining activities.