Mining in Paraguay becomes legal?

Yesterday 40 deputies supported the bill that will regulate mining and other operations with cryptocurrency. The first draft law edition was taken in December but now it has some additions.

If the Senate takes the bill it would direct to the executive branch but for now it’s a question what will be the result: approval or veto.

Carlos Rehala, one of the draft law authors, said that the main goal of the document is to attract forein miners from other countries. Paraguay has one of the cheapest electricity in Latin America: only $0.05 per Kw/h.

If the draft becomes the bill private and corporate miners will be able to ask permission for industrial use of the electricity and to get license. In addition the law will provide the list for any person or company who is going to offer trading or saving services for the other users but the “exchange” option is not noticed there.

During the discussion congressman Tadeo Rohas admitted that the Budget committee recommended rejecting the draft because the use of electricity will exceed the vacancies the field can offer. His opponent Sebastian Garsia said that he put the peak level of power consumption to allow anyone who is going to mine to use the electricity.

If the executive branch approves the draft law Paraguay will become one more country where mining and cryptocurrency enter the legal field. Low prices for electricity will make foreign miners work there.