The Senate of Paraguay approves the "bitcoin law" and passes it on to the president

The Senate of Paraguay has approved a series of amendments to the law which aims to regulate bitcoin trading (quotation BTC) and other cryptocurrencies, digital asset custody and large-scale bitcoin mining.  

The passed legislation establishes obligations, rights and guarantees for investors, consumers and the state. In addition, it clarified the roles of various regulatory bodies, such as the National Electricity Administration (ANDE). 

Investments in the energy sector

One of the proponents of the law, Senator Fernando Silva Facetti, announced on Twitter that the legislation allows Paraguay to use "its energy surplus in a prudent way, at a competitive price for the investor and the state". All this will take place under the supervision of the ANDE.  

The senators agreed that companies interested in establishing themselves in Paraguayan territory must meet the requirements of the ANDE, including the submission of an energy consumption plan for a maximum period of five years. 

This period can be renewed based on the availability of energy at the point of consumption and the available capacity of the system.

Facetti also explained that the National Commission for Security and Exchanges will be in charge of establishing mechanisms for the regulation and supervision, trade, custody and issuance of cryptocurrencies.  

How cryptocurrencies will be taxed

Regarding taxation, the legislation stipulates that companies in the cryptocurrency sector operating in Paraguay will be exempt from paying value added tax (VAT), but will be included in the income tax scheme, according to information from a media. local.  

As previously reported, this law received the approval of the Paraguayan Senate last December, then was approved with amendments by the Chamber of Deputies and has now been ratified again by the Senate.  

With the approval of the legislative body, the bill now passes into the hands of the president of Paraguay, Mario Abdo Benítez, who will have to evaluate the text to approve or reject it.  

And what do you think of this new law? Will we ever see something like this in our country? Let us know in the comments section below.