The President of Paraguay vetoed a bill to regulate cryptocurrencies

Paraguayan President Mario Abdo Benítez vetoed a bill that would regulate commercial activities related to digital currencies, including mining.

Apparently, this decision of Mario Abdo Benitez (Mario Abdo Benitez) is based on the proposal to recognize the mining of cryptocurrencies as an industrial activity and to set the electricity tariff 15% higher than the current one.

One of the sponsors of the bill, Senator Fernando Silva Facetti, spoke out against the president’s decision. He stressed that the existence of this activity, which today takes place in the shadows, cannot be ignored. Mining companies create jobs and resources, but due to their status they cannot access the financial system of Paraguay.

Earlier, President of the National Electricity Administration of Paraguay (ANDE) Felix Sosa (Felix Sosa) asked Abdo Benitez to impose a partial veto on the bill. Sosa is not sure that a 15% tariff increase will be enough to cover all costs. According to him, it is necessary that the miners make an advance payment, and in US dollars.

The bill will be returned to both houses of the Legislative Assembly of Paraguay. Legislators will have to reconsider the proposal, or else abandon it and take a veto.

Note that a bill to regulate cryptocurrencies is also being prepared in Brazil. Discussion of the document should take place in September.