Paraguay’s Bitcoin Bill Passes the Senate Today

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A Paraguayan bill seeking to regulate the trading and mining of Bitcoin and cryptocurrencies in the country passed the Senate on Thursday. Senator Fernando Silva Facetti, a co-author of the bill, said on Twitter that the legislation now heads to Paraguay’s Chamber of Deputies, where it will be debated in 2022.

The bill does not make bitcoin a legal tender in Paraguay. In July, Bitcoin Magazine obtained an exclusive look into the draft bill through a conversation with Paraguayan Congressman Carlitos Rejala. The legislation hinted at increased regulatory security from the country’s regulators regarding bitcoin mining and an overarching goal to offer investor protections from businesses offering bitcoin services.

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