- July 14, 201, Paraguay presents its Bitcoin bill.
- The bill prioritizes crypto registration.
- Bitcoin mining can continue as long as it meets regulations.
The day is upon us, Jul 14, 2021, Paraguay’s deputy will present its Bitcoin bill to its country’s government. Paraguay’s Senator, Fernando Silva Facetti will also be present during this historic moment.
As hinted many times before, Paraguay has finally made its Bitcoin bill debut. The country has been adamant about embracing Bitcoin ever since El Salvador’s announcement of making Bitcoin a legal tender in its nation.
However, while El Salvador has already made this move, it has also begun its next phase which is to mine Bitcoin with the geothermal power of its volcanoes. Meanwhile, Paraguay took its time to draw up its bill.
During this time the Deputy was constantly hinting about exciting news coming soon. Now, we can finally see what the Bitcoin bill is aiming to establish. According to leaked information, the first notable proposal on the Bitcoin law is that it aims to register cryptos.
In detail, the law expects to make it mandatory for all cryptos to register with the nation’s Under secretariat of State Taxation. More so, the bill’s purpose is to draft a law that will establish legal certainty, in both fiscal and financial businesses popping up from the minting and commercializing of digital assets.
Additionally, the bill will also initiate regulating crypto mining along with crypto trades on exchanges and P2P marketplaces. Here, users will have to register as ‘obligated subjects’.
As for companies, the bill highlights that it is important for them to register their products on paper for ideal valuation. This way, the country can even optimize tax collection within the industry. This move will allow supervisory entities to keep a track of every asset that is made. Finally, it states that crypto mining will be viewed as an industrial activity. This puts it in the jurisdiction of the Ministry of Industry and Commerce. The bill justifies this because the use of labor, capital, construction of civil structures, and machinery will make it so.
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