Paraguay presents law to control and formalize cryptocurrencies

Deputy Carlos Rejala presented the Bitcoin Law Project to regularize all activities related to digital assets in Paraguay:

“We are proudly presenting this bill that will mean a tremendous benefit for our population, incalculable for the economic, financial, and fiscal part,” said the federal deputy of Paraguay, Carlos Rejala.

Through a transmission on Facebook, Deputy Rejala and Senator Fernando Silva Facetti presented a bill to regulate cryptocurrencies in the South American country to introduce the Virtual Asset Mining industry, part of the investment portfolio for the world.

During the presentation, the legislator highlighted the advantage in fiscal and energy matters that the country has over all other countries in the region: “[we have] one of the cheapest energies on the continent, coming from renewable sources, created mainly by the hydroelectric plants of Itaipú and Yacyretá ”, Rejala mentioned.

“We are not talking about projects like El Salvador, in which the product became a bargaining chip, we are talking about intangible assets, we are talking about commodities, which is the final product, which is a necessity and above all a reality. ”, Clarified Silva Facetti.

The Ministry of Industry and Commerce, and the National Electricity Administration will be the main authorities that will be in charge of regularizing and supervising the correct application of the stipulations established in the new law and the registration of the participants in this new industry.

The Secretariat for the Prevention of Money or Property Laundering will carry out the inspection of these activities, which “seek to generate jobs from the extraction of minerals to the creation of mining infrastructure, the management of farms to produce cryptocurrencies, to the trade of assets, ”the senator stressed.

This law gives a period of 180 days for all the people who are carrying out this activity in an irregular manner to join the newly established fiscal activities.

The bill will be delivered soon to the Chamber of Senators so that its framework can be discussed in the corresponding committees, where public hearings will be called, forming working groups and then returning to the Chamber of Deputies with the established legislative deadlines.

“Paraguay is going to join this world and is open to all foreign and national investors to trust that with this legislative framework that is beginning today, a new paradigm will be created in the republic,” concluded the deputy.