After El Salvador voted to make Bitcoin legal tender, Paraguay is also taking the necessary steps to regulate crypto as it introduced a new bill by Congressman Carlos Rejala and Senator Fernando Silva Facetti.
Rejala doesn’t have much power, as his party only has two seats in Congress, but Facetti is the leader of one of the main opposition parties in Paraguay, the Authentic Radical Liberal Party, which will increase the chances of having the bill approved.
Rejala has added laser eyes to his Twitter profile picture, similar to Nayib Bukele’s photo on the social media website.
But, unlike El Salvador, the new bill doesn’t aim to make Bitcoin legal tender.
Instead, the bill will regulate crypto mining and trading via exchanges and peer-to-peer marketplaces. It will also ask for the registration of the service providers of crypto with the Undersecretariat of State Taxation, in order to “optimize the tax collection of this industry.”
“The purpose of this draft law is to establish legal certainty, financial and fiscal in the businesses derived from the production and commercialization of virtual assets,” mentions the document.