February 22, 2024

Paraguay plans to legalize cryptocurrencies and mining

According to law firm Gresham International, the Paraguayan government is planning to develop a packagebills legalizing cryptocurrencies.

Paraguay has requested detailed information oncryptocurrencies and blockchain, and Gresham International has already sent the country’s authorities a proposal to begin work on bills. The emphasis was on ensuring that the bills would provide maximum benefit in both the short and long term. At the same time, representatives of the law firm emphasized that they will try to develop bills that will satisfy the needs of not only the Paraguayan authorities, but also companies in the industry.

“The Government of Paraguay is very seriousto implement cryptocurrency legislation, because this will allow them to become a regional leader in this field, ”said Cal Evans, top manager at Gresham International.

Evans said that the Paraguayan authorities do not plandevelop and launch your own cryptocurrency. One of the reasons for the legalization of cryptocurrencies was the large volume of cryptocurrency mining in the country due to an excess of cheap electricity. At the same time, foreign companies launch a mining business and do not pay taxes, since this type of activity is not taxed in the country.

It is expected that bills legalizing cryptocurrencies and mining in Paraguay will appear next year.