Summary
TLDR: Senators in Paraguay introduced a bill to ban crypto mining due to concerns about energy consumption and irregular connections causing financial losses to the National Electricity Administration. The proposal aims to establish clear regulations for the activity to ensure consumer protection, market stability, and environmental impact. ANDE recently shut down a mining facility in Alto Paraná for illegal connections, highlighting the need for better oversight in the industry.
Key Points
1. Senators from Paraguay have launched a bill to prohibit the creation, conservation, storage, and commercialization of virtual assets, as well as the installation of crypto mining farms.
2. The senators argue that crypto miners “take advantage” of the country’s hydroelectric energy and have concentrated their activity in Alto Paraná.
3. The lack of well-defined regulations presents a serious concern, as seen in ANDE’s recent actions of intervening in a crypto mining facility in Ciudad del Este, Alto Paraná.