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Paraguay Proposes Bitcoin Mining Ban Citing Power Issues

A group of lawmakers in Paraguay have called for a temporary banning of Bitcoin mining, which they say has been interrupting the nation’s power supply.

In a bill introduced on April 4, fourteen Paraguayan senators have called for temporary prohibition of creation, and storage of cryptocurrencies, along with banning crypto mining farms in the territory.

The lawmakers argued that crypto miners “take advantage” of the nation’s relatively low power tariffs. Crypto mining in Paraguay has experienced significant boom in recent years, due to the country’s abundant hydroelectric energy, they wrote.

The government of Paraguay has been preparing to fiercely fight illegal bitcoin mining operations. In July 2022, the Senate of Paraguay approved a bill that seeks to regulate crypto mining, exchange and custody. However, the president of Paraguay vetoed this bill in August 2022.

The bill noted that the ban would last for 180 days or until a proper regulatory framework is established.

“This project is proposed as reasonable to temporarily restrict the activity until there is a law that regulates it.”

Further, the ban would be in place until ANDE (Paraguay’s National Electricity Administration) can guarantee sufficient infrastructure to support crypto mining’s energy needs without risking rest of the grid.

Source: Republic of Paraguay Congress

Electricity Thefts Linked to Crypto Miners in Paraguay

Until February, Paraguay’s Alto Paraná region alone recorded almost 50 cases of theft of electrical energy linked to bitcoin mining. This has generated significant losses for ANDE, the senators claimed.

ANDE estimated that damage by each of the clandestine “cryptocurrency farms” is between 500 and 700 million guaraníes per month. Over 50 such illegal crypto premises have been discovered until February 2024, the bill read.

“In one year they could produce patrimonial damages to this State company of between 300,000 and 420,000 million guaraníes in one year, or around 60 million dollars.”

The post Paraguay Proposes Bitcoin Mining Ban Citing Power Issues appeared first on Cryptonews.

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