The Paraguayan Senate has reaffirmed its support for the sanction of the cryptocurrency bill in a new discussion, rejecting the veto exerted by the president.
It is better for the cryptocurrency business to formalize and charge what corresponds, so I defend the bill.Abel Gonzalez, another senator, also argued in favor of this sanction, stating that the energy should be used to generate income for the state, instead of being wasted.
Senator Daniel Roja also decided to support this bill again, explaining that it might contribute to the use of energy in new forms of employment through cryptocurrency.Background and Possible ScenariosThe cryptocurrency bill was vetoed fully, taking several environmental and operational concerns into account. The veto predicts that, if the cryptocurrency mining industry keeps growing, the country might have to import power at some time in the future. The rejection document considers that cryptocurrency mining is “characterized by its high consumption of electrical energy, with intensive use of capital and little use of labor.”Also, the power fees proposed in the cryptocurrency bill for mining operations have been subject to criticism by the power administration of the country, with some officers stating they were inadequate.Now, the cryptocurrency bill will be passed to the National Deputy chamber, which will have to discuss whether it also rejects the presidential veto. If this does happen, the bill will be sanctioned finally, even without presidential support. The matter is expected to be resolved before 2023.
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