00:00Welcome to Decentralized News. So there are reports that crypto regulation in Paraguay
00:06is halfway to being completed after Congress approved a bill. So they're looking to fully
00:15legalize cryptocurrencies and Paraguay is looking like it will be the next country on the list to
00:23accept cryptocurrencies legal tender. But that might not be on the cards yet but obviously this
00:30means they are inching closer after this draft bill on mining and trading crypto was put through
00:38to Congress. So the chamber of deputies did vote by a 40 to 12 margin in favor of the law which the
00:48Senate first introduced in July of 2021. It aims to regulate crypto related commercial activities
00:56including trading crypto, custody and administration mining of cryptocurrencies. So the Ministry of
01:04Industry and Commerce is supposed to coordinate and supervise those activities in coordination with
01:10the National Securities Commission, the Secretariat for the Prevention of Money and Asset Laundering,
01:18the National Electricity Administration and also the Ministry of Finance. So after its first
01:26or initial introduction into the Senate, Congress did amend and passed the draft which will now have
01:35to be approved by the Senate before the President can sign it into law. Its approval would establish
01:41Paraguay as a mining hub as a country already boasts some of the lowest electricity costs in
01:48Latin America at 5 cents per kilowatt hour. Crypto service providers and miners would obtain a 5
01:57year license from the MIC as mining becomes officially recognized in the country. But not everybody is a
02:05crypto bull in Paraguay. Even though the Senate's initial proposal bills makes its approval likely, crypto
02:14has some very strong opponents as well. There is the BCP which commented in March that the benefits of regulating
02:22digital assets would not necessarily outweigh the downsides such as electricity consumption, loss of reputation and
02:29cost for the financial system which would be significant. So the BCP further noted that cryptocurrencies are high-risk
02:38high-risk investments and they would give investors a false sense of security. There's also Deputy Nunes who was quoted
02:47saying that crypto favors organized crime and some other politicians as well will argue that the job creation from crypto mining did not outweigh the increase in energy consumption from the activities.
03:01According to Statista, half of Paraguay fintech companies enabled digital payments for businesses and consumers in 2022.
03:10And this is meant to continue to rise. So let's see what happens in Paraguay as far as this crypto regulation coming to fruition and the legalization of cryptocurrencies in the country.
03:28Let me know if you are from that part of the world and what your thoughts are on these developments. Don't forget to check out the links in the
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