Paraguay Considers Bill Legalizing Bitcoin and Mining

Paraguayan MP Carlitos Rejala posted a message about bitcoin on his official Twitter page. He wrote that the great day has finally come for the king of cryptocurrency.

His tweet is related to the emergence of a bill regulating cryptocurrencies and related transactions.

Carlitos Reihala is one of the developers of the bill that legalizes bitcoin as a means of payment. From time to time he put forward initiatives to develop the country’s economy.

The bill, published online, aims to regulate bitcoin mining and cryptocurrency trading. It also covers taxation of cryptocurrencies and the creation of a reserve fund.

Paraguay Bitcoin Regulation Bill

In addition, the document obliges cryptocurrency firms to register with the relevant authorities of the country.

The Paraguayan politician’s message sparked excitement in the cryptocurrency community.

It should be noted that the document caused a heated discussion among Paraguayan politicians. Cryptocurrency proponent Juan Benitez called it «one of the worst documents he has seen in the last ten years.»

Despite its many shortcomings, Benitez noted that the objectives of the bill are clear. In his opinion, Paraguayan cryptocurrency firms may face serious problems with banks, and these problems can be solved with the help of clear rules.

He said that Reihala had already asked him to analyze the text of the document. We add that Paraguay plans to legalize cryptocurrencies and mining from the end of 2019.

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