Paraguay 🇵🇾 Moves a Step Closer to Regulating Digital Currency

📣 #Paraguay 🇵🇾 Moves a Step Closer to Regulating #DigitalCurrency

👉 Last #Friday, the Senate of Paraguay approved a #cryptocurrency bill introduced in July. The provisions define several key terms, including #virtualassets, and require licenses to mine cryptocurrencies.

👉 According to the #senator, the law also aims to foster the growth of #cryptomining activities by using the surplus electricity generated in the country.

👉 The body of the legislation includes a definition for virtual assets, #tokens, cryptocurrency mining, and #VASPs (virtual asset service providers).

👉 Paraguay 🇵🇾 reportedly produces more energy than it consumes. As a result, several firms are interested in establishing cryptocurrency mining operations to exploit this potential surplus.

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