Today is a historic day in Paraguay: Carlos Rejala and Fernando Silva Facetti, legislators from the South American country, presented before Congress in Asunción the bill to, as announced days ago, convert bitcoin into legal tender. The document proposes to regulate cryptocurrencies and allow crypto mining if it complies with the requirements and regulations.
As it was learned, the document for the Bitcoin Law has the objective of “establishing legal, financial and fiscal security in the businesses derived from the production and commercialization of virtual assets.”
However, the rumors and the information that was leaked do not specifically say that the project is about converting bitcoin into legal tender in Paraguay, but rather speaks of the regulation of the Paraguayan crypto ecosystem and the obligation and implementation of Know policies. your customer -Know your customer- for exchanges established in the country.
The so-called Law of Digital Assets and its Industrial Process, seeks to “introduce the virtual asset mining industry as part of the investment portfolio that the country can offer” and consider it an industrial activity under the orbit of the Ministry of Industry and Commerce:
“It is important that companies can register these products within their accounting so that they can have their real valuation, additionally it helps to optimize the tax collection of this industry, finally, it gives traceability of what is produced in the country facilitating its monitoring by the authorities supervisors ” , reads the document that was leaked on the internet this Wednesday and can be read here ► https://es.scribd.com/document/515667219/PROYECTO-DE-LEY-ACTIVOS-VIRTUALES-Y-SU-PROCESO -INDUSTRIAL-Paraguay
The initiative, announced as a “bitcoin law” for days, had the support of Michael Saylor, who was optimistic and expressed that it is “hope for Paraguay.”