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The Senate of Paraguay has passed a bill on Thursday that aims to regulate cryptocurrency mining and trading in the country. Bill Seeks To Regulate Crypto Trading On Thursday, the Senate of Paraguay enacted a law aimed at regulating Bitcoin and cryptocurrency trading and mining in the country. Senator Fernando Silva Facetti, the bill co-author, said on Twitter that the bill will now be debated in Paraguay’s Chamber of Deputies in 2022. In Paraguay, the bill does not make bitcoin legal tender. During a conversation with Paraguayan Congressman Carlitos Rejala in July, an exclusive peek at the draft bill was released. The bill hinted at stronger regulatory oversights from the country’s regulators when it came to bitcoin mining, as well as an overarching purpose of providing investor safeguards from enterprises that offer bitcoin services. Rejala said at the time, “With this we want to welcome the innovation of cryptocurrencies in Paraguay to the world. This is the result of a very strong and arduous teamwork of many experts in the field, both local and foreign.” According to the bill, the Industry and Commerce Secretariat will be in charge of overseeing crypto mining in the country, with the support of the Anti-Money Laundering Office and the National Securities Commission. Meanwhile, the National Electricity Administration will be involved in the activity’s regulation. Meanwhile, despite not explicitly stating the concept of an exchange, the bill plainly suggests some form of record-keeping for any individual or established business entity interested in providing crypto trading or custody services to others. Related article | South American Countries Are Interested In Adopting Bitcoin: Who Will Be Next? Paraguay Targets Crypto Miners The bill recognized that Paraguay consumes barely one-third of the energy it produces is also included in the bill. Crypto mining activities, if controlled, would almost certainly compensate for the thousands of megawatts of electricity that Paraguay currently does not utilize. In summary, the law aims to take advantage of the Latin American country’s surplus energy, and it will be debated by the Chamber of Deputies in 2022, as previously stated. Bitcoin miners might benefit from “thousands of megawatts that Paraguay currently has as surplus,” according to the bill, assuming it falls under the country’s restrictions. The industry would be controlled jointly by the Ministry of Industry and Commerce, the National Securities Commission, the Anti-Money Laundering Office, and the National Electricity Administration in Paraguay, according to the legislation. The cost of electricity in Paraguay, which is the lowest in the region at roughly $0.05 per kilowatt-hour, is one of the key attractions for mining companies, according to congressman Rejala, who added that nearly 100 percent of energy output originates from hydroelectric sources. BTC crashes to $46k | Source: BTCUSD on TradingView.com Related article | Calls For Tesla To Resume Bitcoin Payments As Mining Reaches 57% Renewable Energy Featured image from Pixabay, chart from TradingView

Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating. Disclaimer: Consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could…
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My guess is Coinbase is running on fractional reserves and doesn't wanna lose out on it's governance rewards so they are artificially delaying withdrawals of ALGO. I don't know about you guys but after I get my ALGO's withdrawn I'm finding an alternative to CoinBase. They have officially lost my business which is a shame…
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At the height of the bitcoin rally, end-of-year predictions had flown around with abandon. Most had placed the price of the digital asset at $100,000 before 2021 ran out. With the movement of the asset at that point, one could easily look at those predictions and see how it could be a possibility. However, the crypto market has proved again that there is really no telling what might happen with it. Bitcoin had ridden the wave up to $69,000 but that would prove to be the top of that rally as a crash sent the price back towards $40,000 not too long after. Now, the price of bitcoin is struggling to regain its footing above $50,000. Related Reading | Investors Take Refuge In Bitcoin As Inflation Rises Hoping To Finish At $50,000 Craig Erlam, a market analyst at Oanda, has given thoughts on bitcoin in a recent client note. The analyst noted that although many had been hoping for the price of bitcoin to finish the year above $100,000, market momentum had dashed those hopes and now a finish above $50,000 for the year is what is being hoped for. Another analyst at Oanda, Edward Moya, notes that the digital asset had taken a beating alongside big techs which had sent its price towards its current levels. Nevertheless, the analyst added that despite this, the market continues to face a medium to long-term bullish outlook. “The cryptocurrency space is seeing a lot of repositioning and that is leading to some unwanted selling pressure, but the medium to long-term outlook remains strong,” said Moya. BTC holding steady above $47,000 | Source: BTCUSD on TradingView.com How Is Bitcoin Ending 2021? Analyst Craig Erlam notes that bitcoin has had another chaotic week of trading. This has been the case since the first market crash rocked the market at the beginning of December, sending the market straight into the red. However, bitcoin has managed to pick up support at $47,000, which the analyst said means that the digital asset is unlikely to give up this price. Related Reading | WikiLeaks And Bitcoin: A Crypto Love Story? On the other hand, crypto bulls are also trying to pull bitcoin out of the current trend. The holidays have already begun, signaling the end of the year, and the bulls would prefer to end what has been a “stellar year” on a positive note. “Many were hoping for six figures by year-end, now they may be crossing their fingers and hoping for half that,” said Erlam. Finishing at $50,000 is not necessarily a bad finishing point for bitcoin. Compared to the beginning of the year, it would mark an at least $20,000 higher close. Featured image from CNBC, chart from TradingView.com

The team behind Polygon, the protocol dedicated to interconnected blockchain networks like Ethereum, and Alexis Ohanian’s Seven Seven Six venture capital company have revealed a $200 million investment fund in blockchain-based social media projects. According to the announcement, the partner’s mission is to attempt to bridge blockchain, Web3 technology, and social media together. Polygon and […]

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