Paraguay’s Chamber of Deputies approved the advancement of a crypto regulation bill to the Senate this week, despite pushback from the country’s central bank.on May 25, deputies voted 40 to 12 in favor of moving the bill forward with modifications. The project will now return to Paraguay’s senate for further consideration.
“The purpose of this law is to regulate the production activities and commercialization of virtual or crypto assets, in order to guarantee legal, financial and fiscal security to the businesses derived from their production and commercialization,” the bill’s first article states. “Crypto assets do not fulfill the basic functions of money and constitute high-risk investments,” the BCP wrote in its analysis. “The intention to regulate the industry and commercialization of
Lawmakers discussed the bill at length before voting, raising concerns about issues such as electricity usage and money laundering. Deputy Basilio Núñez, for example, claimed that the projectBut Carlos Rejala disagreed. “Totally the opposite,” he said, explaining that the law would be focused on the traceability of digital assets. He also
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