The Paraguayan Senate approved increasing the penalty for Bitcoin miners without proper authorization to 10 years in prison, thus continuing the request made last month by Senator Ever Villalba by modifying article 173 of the Penal Code.

The Senate voted on the proposal, which was approved with 29 votes in favor and 7 abstentions (there were no votes against), which also authorizes the seizure and confiscation of ASIC equipment.

Thus, the South American country will increase the penalty to 10 years in prison based on the “crime of theft of electrical energy for commercial or industrial purposes, as well as establishing the confiscation of the equipment used and its subsequent delivery to the National Electricity Administration (ANDE in Spanish)”.

After obtaining approval by the Upper House of Paraguay, it must be sent to the Chamber of Deputies and if it is also approved there, it will be transmitted to the office of President Santiago Peña so that he can promulgate or veto the bill.

It is important to note that there are four other legislative proposals on Bitcoin and activities related to its mining, such as one that proposes its prohibition in the country.

M.Pino

Source: iProup

(Reference image source: Michael Förtsch in Unsplash)

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La entrada Unauthorized Bitcoin mining will be punished with ten years in prison in Paraguay apareció primero en Bitfinance.

The government of the Federative Republic of Brazil drafted a bill authorizing the use of Bitcoin as legal tender in the country, which will be presented to the Chamber of Deputies in coming days, following in the footsteps of El Salvador.

Federal deputy Aureo Ribeiro pointed out that they want to establish the rules that allow government institutions to regulate crypto. That is, to know “where it is being bought and how cryptocurrencies are being used.” The government wants to be able to “use Bitcoin to buy a house, a car, go to McDonald’s to buy a hamburger. For that to happen, the law must first be approved,” the legislator explained.

If the Brazilian Chamber of Deputies approves the project and turns it into a legal norm, Bitcoin could be implemented as legal tender and would be officially used together with the Brazilian Real.

The bitcoin wave

2021 could go down in history as the year in which Bitcoin is adopted as legal tender in two countries. El Salvador was the first to assume it and despite the limitations that have been presented, it is being implemented in the country together with the US dollar. The next could be Brazil.

However, the limitations of Bitcoin will remain present, regardless of the legal framework in which it is found. Perhaps one of the biggest problems of Bitcoin is “its high volatility that it reaches compared to other traditional currencies.” Another factor is the amount of energy resources that the process of mining the cryptocurrency consumes, which will not be solved with the search for alternative energies either.

M. Rodríguez

Source: xataka.com

La entrada Brazil prepares to assume Bitcoin as legal tender apareció primero en Bitfinance.

The Special Commission of the Chamber of Deputies of Brazil approved the latest regulatory changes that are part of bill 2303/15 that provides for a strengthening of criminal measures for those who commit financial crimes using cryptocurrencies such as bitcoin.

The new legal statute increases “the amount of fines from one third of the amount of money laundered to two thirds.” In addition, it proposes to extend the “minimum prison sentences from three to four years, and increase the maximum prison sentence from 10 years to 16 years and eight months, in addition to a fine,” as specifies the official statement released by the Chamber.

Brazilian legislators are working to provide strict measures for crimes related to crypto, as well as the regulation of commerce and payments with crypto assets. The bill will be the subject of new debates in the plenary session of the Chamber.

Aureo Ribeiro, federal deputy, highlighted that the new legal framework will allow the state to “protect Brazilians from crypto scams, noting that more than 300,000 people were affected by “pyramid financial schemes related to cryptocurrencies” in Rio de Janeiro.

Ribeiro is bullish on the bill because it “regulates broader cryptocurrency operations such as trading, custody, fiat exchanges, and payments.” According to the deputy “bitcoin will be accepted as payment in Brazil once the bill is approved.”

During 2021, Brazil has shown its intentions to incorporate cryptocurrencies into its market, and one of the most significant was the request made by the head of the central bank, Roberto Campos Neto, on the modification of the legal regulations for adoption of cryptocurrencies.

M. Rodríguez

Source: es.cointelegraph.com

La entrada Brazil approves sanctions for money laundering with digital assets apareció primero en Bitfinance.