Paraguayan Lawmakers Introduce Bitcoin Bill

Last week, a group of Paraguayan lawmakers presented a bitcoin regulation bill to the National Congress. However, the submitted bill did not live up to the expectations of crypto followers. The bill aims to control and regulate cryptocurrency transactions and establish taxes.

The bill, presented by deputy Carlos Rejala and the liberal senator Fernando Silva Facetti, does not aim to declare bitcoin legal tender, as El Salvador did last month. The bill proposes the Central Bank of Paraguay as the controller of all cryptocurrency-related organizations.

The bill also mentions mining and bitcoin trading as an activity falling within its scope. Mining related imports will be taxed at 5%. In addition, traders will have to obtain a license annually, and government agencies will keep records of them.

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