The President of Paraguay, Mario Abdo, has exerted an executive veto on the recently approved cryptocurrency bill after more than a year of discussions in the Paraguayan Congress.
in July 2021, aims to clarify the rules by which cryptocurrency mining operators and other virtual asset service providers must abide on Paraguayan soil.The proposed bill established that cryptocurrency miners should pay a power fee 15% higher than what is paid by other similar industries. However, Adbo’s veto order establishes that this activity is “characterized by its high consumption of electrical energy, with intensive use of capital and little use of labor.
it had registered losses of more than $400,000 monthly, declaring their opposition to the cost structure presented in the now vetoed bill, and their support for a partial veto move on it.The future of the cryptocurrency bill is now uncertain, as it will need to be sent to Congress for the representatives to accept this move or try to pass the crypto bill again.
a similar initiative in Panam last June, citing cryptocurrency-related money-laundering concerns as the cause.
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