April 1, 2023

Paraguay plans to legalize cryptocurrencies and mining

According to the law firm Gresham International, the government of Paraguay is going to develop a package bills legalizing cryptocurrencies.

Paraguay requested detailed information oncryptocurrencies and blockchain and Gresham International have already sent a proposal to the country's authorities to start work on bills. The emphasis was on the fact that bills would bring maximum benefit both in the short and long term. At the same time, representatives of the law firm emphasized that they would try to develop bills that would satisfy the needs of not only the authorities of Paraguay, 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 authorities of Paraguay 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 start a mining business and do not pay taxes, since this type of activity in the country is not taxed.

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