Paraguay Approves Crypto Regulation Bill Via 40-12 Vote

Following the approval of Bitcoin as legal cash in El Salvador and the Central African Republic, other countries, such as Paraguay, are rushing to catch up and adopt legislation for this unique asset class. Latin American countries take cryptocurrency more seriously and are working to ratify legal and regulatory frameworks. Paraguay has long been regarded as a mining sanctuary for cryptocurrency mining operations due to its low electricity costs and “crypto-friendly” environment. Paraguay’s Chamber of Deputies approved a bill to regulate cryptocurrency despite opposition from the central bank. In a Majority Vote, Paraguay Advances a Crypto Bill Deputies voted 40 to 12 to pass the modified legislative draught during a particular session. Despite the Senate’s original adoption of the law in December of last year, the Chamber of Deputies’ recent amendments will need the Senate to revisit the document before submitting it to the president. The measure, first introduced in the Paraguayan Senate in July of last year, attempts to regulate digital asset commercial activities. This entails approving and overseeing bitcoin mining operations in the country. Cryptocurrencies are not made legal tender under the proposed legislation.The post Paraguay Approves Crypto Regulation Bill Via 40-12 Vote appeared first on Cryptoknowmics-Crypto News and Media Platform.