Mission not accomplished? A crypto veto will stand in Paraguay after a vote in the legislature.
The Chamber of Deputies, the lower house of Paraguay's bicameral legislature, failed to move forward on a bill aimed at promoting crypto mining through the use of surplus electricity following a veto from President Mario Abdo Benítez.the pros and cons of incentivizing crypto miners to operate in the country with a cap on the electricity rates, but ultimately voted against amendments that would have effectively reversed a presidential veto.
“Cryptomining would generate a source of employment, investment in capital, municipal taxes, VAT, and a lot for local economies,” said Carlos Sebastian Garcia. “It is appropriate to reject the veto so as not to leave the field free again so as not to leave everything totally regulated and to give a starting point to an industry that has a lot of potential and has a lot of room for growth.”
“The rate with which the energy would be awarded to this industry is 15% above the industrial rate,” said José Reynaldo Rodríguez. “The people and the citizens would be subsidizing the cost of energy. Allocating this price to these types of industries would cause a loss of $30 million annually to the state.”
The reconsideration of the bill, ‘Regulating the industry and marketing of virtual assets — crypto assets’, 38 votes out of a total of 80. Nine lawmakers voted against the measure, with the remaining abstaining, not present, or filing a “blank vote.”
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