On Monday, Paraguay President Mario Abdo Benítez vetoed a bill that would regulate various digital asset activities, including the commercialization of crypto mining in the country.
,The executive branch objected to a bill that seeks to regulate crypto mining in the country,“Official Account of the President” tweeted,
according to decreeThe primary reason behind the President’s decision against the bill was that crypto mining uses high amounts of energy but brings relatively little employment benefits.
“The fixed mining of virtual assets requires intensive and large-scale use of electrical energy and great potential for energy generation, which the country possesses,” read. decree, “Still, it doesn’t generate as much labor as any other sector’s industry.”
According to the bill, crypto miners would have paid higher electricity rates. However, the rates were kept at 15% above the existing industrial duty, a clause decree The industry has been described as an “indirect incentive”.
Earlier this month, Paraguay’s National Electricity Administration (ANDE) President Felix Sosa Express Citing his concerns about the bill, he said he would ask the president for a partial veto of the bill.
Crypto veto misses the mark
,The executive washes its hands and accepts mining not as an industry that generates resources and sources of work, but as one without access to the financial system or establishing rules that guarantee investors, consumers and the state. operates in the gray area,, Told Senator Fernando Silva Fascetti, the sponsor of the bill.
According to the senator, the veto could disrupt investment and labor opportunities in the cryptocurrency mining industry.
He too criticized government because of its lack of vision Paraguayan Senate passes bill Before being vetoed by the president last month.
Both houses of the Paraguayan legislature will evaluate the vetoed bill before making any further decisions.
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