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Paraguay's legislature fails to reverse presidential veto on crypto regulation law

Published 12/06/2022, 03:45 PM
Updated 12/06/2022, 05:20 PM

The Chamber of Deputies, the lower house of Paraguay's bicameral legislature, failed to move forward on a bill aimed at promoting crypto mining through the use of surplus electricity following a veto from President Mario Abdo Benítez.

In a Dec. 5 session, members of Paraguay’s legislature discussed the pros and cons of incentivizing crypto miners to operate in the country with a cap on the electricity rates, but ultimately voted against amendments that would have effectively reversed a presidential veto. Lawmakers suggested a lack of regulation around crypto-related activities had led to events like the downfall of FTX, and highlighted the potential benefits of mining in Paraguay as well as the volatility of cryptocurrencies like Bitcoin (BTC).

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