Paraguayan authorities plan to legalize cryptocurrencies

The government of Paraguay is going to develop a package of bills legalizing cryptocurrencies. This was reported by representatives of the law firm Gresham International.

Paraguay requested detailed information about cryptocurrencies and the blockchain, and Gresham International has already sent a proposal to the country’s authorities to start work on bills. The emphasis was on the fact that bills would bring maximum benefits both in the short and long term. At the same time, representatives of the law firm emphasized that they would try to develop bills that would satisfy the needs not only of the Paraguay authorities, but also companies in the industry.

“The Paraguay government takes the implementation of cryptocurrency legislation very seriously, because it will allow them to become a regional leader in this area” – said Cal Evans, top manager at Gresham International.

Last year, the Paraguayan authorities approved a plan to build a cryptocurrency mining center in the country, which will become the largest mining enterprise in the world. The Bitcoin mining complex will be built in the city of Ciudad del Este, which is popular for tourists, the Commons Foundation said in a statement.

In addition, the giant Bitfury is preparing to launch mining pools in Paraguay. Due to the surplus of cheap hydropower, mining cryptocurrencies will be profitable. The Itaipu hydroelectric power station will supply energy, but new mining centers will receive electricity from the Yasiret hydroelectric station.

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Note that Paraguay has experience using bitcoins in international settlements. A load of pesticides and fumigation products was the first shipment paid using bitcoins from Argentina.

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