Paraguay's Bitcoin bill is here; What does it propose?

Paraguay's Bitcoin bill is here; What does it propose?


Well, not as miraculous as some had hoped and as discussed before, definitely no legal tender proposals as this would be next to impossible to get approved in Paraguay https://www.publish0x.com/geo-political-economical-developments/some-positive-bitcoin-news-from-paraguay-xznyvqo

So what does it propose? To quickly summarize starting from Article 1 it proposes Bitcoin to be recognized not as legal tender, but as property and that "the purpose of this law is to regulate the activities ". Article 14 goes a step further and cites “The Virtual Assets trading entities must inform the acquirer of the trading conditions with Virtual Assets, expressly notifying that the virtual assets are not recognized as legal tender, therefore, they are not backed by the Central Bank of Paraguay.”

Article 5 concludes you will need a license to mine in Paraguay and Article 8 goes a step further and states "all mining activities need to be approved and overseen by an authority". Article 9 recognizes mining as "a digital, innovative and electro-intensive industry."

Article 11 is relevant to exchanges where you can keep Crypto as a saving, as this article states "those providing the sales of bitcoin are prohibited from selling, assigning or transferring their property, giving as a loan or guarantee, or affecting the use and enjoyment of the Virtual Assets that they manage or guard for third parties without the express authorization of the owner.”

 

The bill is quite focused on mining and it obviously isn't a coincidence that Chinese miners looking for a new home, are now eying Paraguay

https://en.mercopress.com/2021/07/30/chinese-investors-eye-paraguay-for-bitcoin-production

 

Full translated version of the bill can be found here

https://www.thestreet.com/crypto/bitcoin/a-bill-to-regulate-bitcoin-in-paraguay-has-been-proposed

 

 

How do you rate this article?


6

0


Geo-Political & Economical developments
Geo-Political & Economical developments

Things are almost never as they seem. If you sincerely think that world powers would spend their money and resources in order to just "help" citizens from foreign nations, you might want to ask yourself why they've been neglecting and out right murdering their own citizens for decades. What are their true motives for wanting to fund foreign (terror) groups, start global confrontations and wars? I'll let you in on a little secret; It has NOTHING to do with "human rights" nor "democracy".

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.