On December 5th, news broke that Paraguay's Chamber of Deputies voted against putting the potential Bitcoin mining law through to the floor.
This move essentially puts the Bitcoin mining law on ice until it is revisited in a future lawmaking session.
It has been a dramatic journey to this point with the prospective law being vetoed by the President of Paraguay, Mario Abdo Benitez, and then 33 senators rejected the President's veto.
Some considered this a clear-cut sign that Paraguay was firmly on it's way to passing a regulatory and legal framework for cryptocurrency and Bitcoin mining.
However, this was all wishful thinking as the law has unfortunately been cut down without even going to a vote.
Despite the law being shelved, many are still optimistic that in the near future the law will be put forth for a vote and finally decided on.
No timeframe has been set for the next session or when the crypto law may be looked at again.
I for one hope that it doesn't take too much longer for this law to be voted upon.
I found it interesting that Paraguay is currently the #1 most predicted country to next legalize cryptocurrency on CoinMarketCap .
Central and South America sure seem to be a hot spot for the crypto community.
I believe many see the potential of these countries adopting cryptocurrency for all parties involved.
Do you think Paraguay is the next country to become a hub for crypto mining?
Is there a chance they legalize crypto like El Salvador?
See ya!
:)
