On December 5, the law governing cryptocurrency and mining that the Paraguayan Congress passed in June was finally put on hold.
The proposal, which aimed to regulate cryptocurrency mining and trade in Paraguay, was ultimately abandoned because it lacked the necessary support to override the president’s veto.
The Paraguayan cryptocurrency law, which was first proposed in Congress in 2021, was ultimately abandoned because it lacked the necessary support in the Deputy Chamber.
The project, which President Mario Abdo vetoed in September, was unable to secure the necessary number of votes to override his veto.
. The Paraguayan Senate had previously overruled the veto in order to pass the legislation without the support of the president.
The decisions this measure makes regarding the power granted to bitcoin miners is one of the main arguments used by President Mario Abdo and other deputies to veto it completely.
. Arnaldo Samaniego, a deputy, stated that ANDE would be in a difficult situation and may suffer damages of up to $30 million if the veto motion were to be upheld.
Jose Rodriguez, a deputy, agreed and argued that the organization could not continue to exist while suffering losses as a result of this regulation.