Paraguay Rejects Crypto Mining Regulatory Bill

According to CoinDesk report, the lower house of Paraguay failed to enact crypto bill that would cap electricity rates for mining operations, dealing a significant blow to the country’s expanding mining sector.

The law, which would have controlled cryptocurrency and mining, was first passed by the country’s Senate in July. However, in August, President Mario Abdo Bentez rejected the proposed legislation, sending it back to the legislature for changes and a new round of voting.

The bill received just 36 votes in the Chamber of Deputies on Monday, falling short of the 41 required to succeed.

The relatively low cost of electricity in Paraguay has enticed local and international companies to establish Bitcoin (BTC) mining operations in the country.

The industry is at odds with the local grid operator provider, Ande, and certain members of the government, who believe that the grid’s infrastructure can’t manage the extra strain and that the industry doesn’t benefit the local economy or society.

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