In a recent update, a coalition of 15 senators in Paraguay has introduced legislation to halt bitcoin mining stocks and other cryptocurrencies in the nation.
Let’s explore the whole news in detail below.
Reason for Putting An End To Bitcoin Mining Stocks-
- The lawmakers decided to end Bitcoin mining due to its significant power consumption and a sudden increase in illegal activities due to unregulated crypto mining.
- As per this Bitcoin Mining news, the senator’s bill seeks to implement a temporary ban on the activities related to mining like that of generation, preservation, storage, etc.
- Initially, it was decided that the ban would be for 180 days or till the time the nation comes up with concrete rules and policies to regulate mining however, due to an immense increase in power consumption, the ban could be extended especially on activities like staking of digital assets or even storage in digital wallets. If you are new to the world of cryptocurrency, then you simply start buying Bitcoin by setting up an eToro account.
Please note: The bill has not yet been approved but since one-third of the senators are in favor of it, the bill can be transformed into a serious move in the coming months.
Is Bitcoin Mining Legal In Paraguay?
Even though Paraguay has been gaining immense recognition due to advancements in its mining sectors and abundant use of natural resources, the authorities have been concerned about the illegal cryptocurrency mining that is slowly and steadily “impairing the quality of electrical service”. Hence, the authorities aim to come up with rules and regulations that not only decrease power consumption but also help in combating unauthorized mining activities in recent years.
That’s it from our side!
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Disclaimer: This post is intended solely for informational purposes and should not be taken as legal, tax, investment, financial, or any other form of advice. Although all the information provided is true to the best of our knowledge, it is advisable to research well before making any kind of investments or decisions in general. The team of ReadingCrypto bears no responsibility in the event of any adverse outcomes.
