Cryptocurrency regulation law in Paraguay was vetoed

Paraguayan President Mario Abdo did not allow digital asset mining to be recognized as an industrial activity

Mario Abdo Benítez, president of Paraguay, this week restricted a bill that was intended to recognize cryptocurrency mining as an activity of the industrial sector.

One of the president’s arguments is based on the fact that the high consumption of electricity that this activity can hinder the expansion of a sustainable national industry.

The project claimed that crypto mining uses too much capital with little use of labor, so it would not generate added value on a par with other industrial activities. Around the world, cryptocurrency is one of the biggest job creators. LinkedIn’s economic chart shows that crypto and blockchain job openings increased 615% in 2021 compared to 2020 in the United States.

This proposal had been approved in the first instance on July 14 by the Paraguayan Senate, who at the time recognized that this activity could become part of the industrial sector, as long as the necessary taxes were applied in this regard.

K. Tovar

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Source: Cointelegraph

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