Paraguay next in line to carry the crypto torch?

Team Luno
Back to blog


1 minute read

A new bitcoin bill was proposed last week in Paraguay that will require cryptocurrencies to be registered with the country’s Undersecretariat of State Taxation.

 

There were high hopes when Rejala first announced the bill in the wake of El Salvador’s decision to make Bitcoin legal tender, but the bill is a lot more prosaic.

 

Congressman Carlos Rejala and Senator Fernando Silva Facetti propose: “The purpose of this draft law is to establish legal certainty, financial and fiscal in the businesses derived from the production and commercialization of virtual assets.”

 

 

The new law also aims to regulate cryptocurrency mining processes, and says those who mine will require a Virtual Asset Mining License. To enforce this new legislation, it is proposed that "monitoring and control mechanisms for transactions involving cryptocurrency virtual assets,” will be set up.

 

Several Central and South American countries have recently expressed interest in Bitcoin, and have either passed it as legal tender like El Salvador, or are hoping to use it as a hedge against inflation as seen in Argentina. What will Paraguay’s future in crypto be?

Avatar Team Luno
Author

Team Luno

On our way to the moon, we write about all things crypto. And don’t forget we’re humans too. Our blog conveys the views of Luno and the many unique opinions and characters within our team. We’ll never provide you with financial advice, and we urge you to conduct your own research before purchasing or trading any cryptocurrencies. It’s a brave new world out there, and the market can be volatile at times, so never trade with funds you can’t afford to lose. Want to let us know how much you love our blog? Tweet us @LunoGlobal.

It’s never too late to get started

Buy, store and learn about cryptocurrency today

Desktop Icon Apple App Store Logo Google Play Store Logo