Paraguay’s legislature fails to reverse presidential veto on crypto regulation law By Cointelegraph
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The Chamber of Deputies, the lower house of Paraguay’s bicameral legislature, failed to move forward on a bill aimed at promoting crypto mining through the use of surplus electricity following a veto from President Mario Abdo Benítez.
In a Dec. 5 session, members of Paraguay’s legislature discussed the pros and cons of incentivizing crypto miners to operate in the country with a cap on the electricity rates, but ultimately voted against amendments that would have effectively reversed a presidential veto. Lawmakers suggested a lack of regulation around crypto-related activities had led to events like the downfall of FTX, and highlighted the potential benefits of mining in Paraguay as well as the volatility of cryptocurrencies like (BTC).
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The Chamber of Deputies, the lower house of Paraguay’s bicameral legislature, failed to move forward on a bill aimed at promoting crypto mining through the use of surplus electricity following a veto from President Mario Abdo Benítez.
In a Dec. 5 session, members of Paraguay’s legislature discussed the pros and cons of incentivizing crypto miners to operate in the country with a cap on the electricity rates, but ultimately voted against amendments that would have effectively reversed a presidential veto. Lawmakers suggested a lack of regulation around crypto-related activities had led to events like the downfall of FTX, and highlighted the potential benefits of mining in Paraguay as well as the volatility of cryptocurrencies like (BTC).
Continue Reading on Coin Telegraph
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