Paraguay unveils new cryptocurrency law

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Paraguay unveils new cryptocurrency law

Sam CoolingJuly 16, 2021, 7:39 AM·3 min readIn this article: After a month of anticipation, the finalised details of Paraguay’s new crypto legislation have been revealed as the country moves to become a key player in Latin America’s unfolding crypto race.The finalised version of the proposed Bitcoin bill has been presented to the National Congress of Paraguay by the progressive Senator Fernando Silva Facetti and Congressman Carlos Rejala.This content is not available due to your privacy preferences.Update your settings here to see it.However, it seems that a potential legalisation of Bitcoin (BTC) as an official tender for use across Paraguay is off the cards.The proposed legislation aims to create an attractive regulatory environment within the country through the establishment of a straightforward licencing regime that would enable the crypto industry to easily open operations.This is part of a wider strategy attempting to draw in high-tech businesses that can help drive innovation within the Paraguayan economy.This content is not available due to your privacy preferences.Update your settings here to see it.The proposals suggest the country’s Ministry of Industry and Commerce should be the central body responsible for administering this licencing regime