Paraguay’s Bitcoin Invoice passes the Senate

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A Paraguayan bill to regulate the trade and mining of Bitcoin and cryptocurrencies in the country was passed by the Senate on Thursday. Senator Fernando Silva Facetti, a co-author of the bill, said on Twitter that the bill will now move to the Paraguayan Chamber of Deputies, where it will be debated in 2022.

The bill does not make Bitcoin legal tender in Paraguay. In July, Bitcoin Magazine got an exclusive look at the bill through a conversation with Paraguayan Congressman Carlitos Rejala. The legislation indicated heightened regulatory security for the country’s regulators over bitcoin mining and an overarching goal of providing investor protection from companies offering bitcoin services.

“We would like to welcome the innovation of cryptocurrencies in Paraguay in the world,” Rejala told Bitcoin Magazine at the time. “This is the result of a very strong and arduous teamwork of many experts in this field from home and abroad.”

However, it is not yet clear whether the lengthy and complicated Paraguayan law will welcome bitcoin and cryptocurrency innovation.

“While the final El Salvador bill consisted of just a few pages of text, which was by far the cheapest and most accommodating bitcoin legal doctrine ever passed, the early draft Paraguay legislation set a different tone,” Bitcoin Magazine reported in August, highlighting how Paraguay has chosen to stand in stark contrast to the more friendly legislation of the Central American country.

The bill, approved by the Paraguayan Senate, stipulates that any individual or company interested in Bitcoin mining must apply for a permit for industrial energy use. However, once approval is given, the company would have to go further and apply for a license to mine Bitcoin.

According to the bill, bitcoin miners could enjoy “thousands of megawatts that Paraguay currently has in excess” if that falls under the country’s regulations. The text stated that the industry is jointly regulated by Paraguay’s Industry and Trade Secretariat, the National Securities Commission, the Anti-Money Laundering Bureau and the National Electricity Authority.

“With regard to transactions in crypto assets, the National Securities Commission will set the registration requirements for intervening agents for negotiation, compensation, custody and brokerage in the securities market,” Silva Facetti said in another tweet.


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