Bitcoin

<ul> 
 <li aria-level="1">Amendment to Article 173 of the Penal Code passed with significant support: 29 votes in favor, 7 abstentions.</li> 
 <li aria-level="1">Legislation now moves to Chamber of Deputies; if passed, President Santiago Peña will decide to sign or veto.</li> 
</ul> 
The Paraguayan Senate has recently passed a measure that imposes severe penalties on unauthorized Bitcoin mining operations. This legislation aims to address the theft of electricity for commercial or industrial purposes by increasing jail terms up to 10 years for those caught mining Bitcoin without proper permissions.&nbsp; 
Furthermore, the law mandates the confiscation and forfeiture of ASIC mining equipment involved in such activities. 
The modification was made to Article 173 of the Paraguayan Penal Code and was a government initiative, presented by Senator Ever Villalba last month. The proposal received substantial support in the Senate, passing with 29 votes in favor and 7 abstentions, without any opposition. 
This legislative action targets operators who illegally tap into the electricity grid, <a href="https://www.crypto-news-flash.com/regulation-of-bitcoin-mining-in-paraguay-transparency-and-electrical-security/">as mentioned in Crypto News Flash</a>. According to Senator Villalba, the amendment does not seek to criminalize the cryptocurrency mining industry but rather to regulate the misuse of electrical power. Villalba highlighted the significant financial gains made from such illegal connections, stressing the necessity of controlling this abuse to protect the nation’s electrical infrastructure. 
<blockquote>
 Villalba indicated that cryptomining activity should not be “criminalized” and explained that, on the contrary, “the aim is to control the irregular use of energy”.
</blockquote> 
<h2 id="strong-the-bill-now-moves-to-the-paraguayan-chamber-of-deputies-strong">The Bill now Moves to the Paraguayan Chamber of Deputies.</h2> 
If approved, it will proceed to President Santiago Peña’s desk for signing into law or veto. This move by the Paraguayan Senate is part of a broader effort to curb the unauthorized and fraudulent activities associated with Bitcoin mining, which has been a growing concern due to the considerable strain it places on the country’s power supply. 
In addition to this bill, there are currently four other legislative proposals in the Paraguayan Congress related to Bitcoin mining, <a href="https://www.crypto-news-flash.com/legislative-challenges-facing-bitcoin-mining-industry-in-paraguay/">already covered in Crypto News Flash</a>. These include a proposal that advocates for a complete ban on the activity within the country.&nbsp; 
These legislative efforts indicate a shift towards stricter regulation of digital mining practices in Paraguay, aiming to safeguard essential public utilities and promote <a href="https://www.crypto-news-flash.com/paraguays-senator-advocates-bitcoin-mining-as-a-gift-from-heaven-for-the-countrys-economy/">responsible use</a> of resources in the burgeoning field of cryptocurrency.

Paraguay Endures Crackdown on Illegal Bitcoin Mining with Harsh Penalties

Table of Contents

Crypto News Flash

Other articles published on Jun 19, 2024

BlockDAG Unveils Dev Release 53: Advanced Infrastructure and X1 Mobile Mining App Drive Presale t...

Super Trump Price Prediction: STRUMP Soars 40% As Investors Flock To This P2E DOGE ICO That’s Clo...

Bitcoin Market Alert: German Government Agency Sends $425M Worth Of BTC To Exchanges

Frankfurt Exchange Welcomes First HBAR ETP by Valour Inc

Bitfinex First To List aUSDT, A Gold-Backed Tether Asset

Brett Price Prediction: BRETT Soars 15% As Its Biggest New Rival On Base Hurtles Towards $2 Million

Join our free newsletter for daily crypto updates!