The Paraguayan Senate has approved a bill that seeks to regulate cryptocurrencies and their operations in the country. The bill, which had already been submitted to the deputy chamber, was approved with some changes suggested, establishing clear definitions and tax exemptions for companies in the cryptocurrency and crypto mining sectors.
In the tax area, cryptocurrency companies will be exempted from paying value-added taxes but will have to pay income taxes.
The cryptocurrency bill was approved by the Senate, and it will now rest in the hands of Mario Abdo Benítez, the president of the country, who will have the choice of sanctioning it or applying a veto to the document. However, some lawmakers expressed their discomfort about the approval of the law in its current form, with some calling for a presidential veto.
Esperanza Martínez, another senator, criticized the cryptocurrency bill initiative, stating that cryptocurrency was not even a real industry. Furthermore, Martinez stated that the industry was “electro-intensive and extractivist,” explaining it consumed many resources for the few job positions it offered.
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