Leaked design shows what’s on offer in Paraguayan bitcoin law

It will take several hours before Paraguay takes a major step towards regulating cryptocurrencies, as a new bill is expected to be proposed tomorrow.

The transcript provided access to a leaked copy of the bill, developed by Congressman Carlos Rehala and Senator Fernando Silva Faketti.

The bill would require the registration of the cryptocurrency in the Paraguayan State Tax Office. Sundays Dec.will also regulate cryptocurrency mining and trading through exchanges as well as peer-to-peer markets, requiring participants to register as mandatory subjects.

The path of this law is winding. This started with laser eyes Inspired by El Salvador’s President Nayib Bukele, who championed bitcoin, and promised to work on an innovative law that would somehow be related to Bitcoin.

Como ya lo decía hace un buen tiempo, nuestro Pai avanzara de la mano de la Nueva general.
Liego el momento, nuestro momento.
Esta Semana empezamos con un proyecto importante para innovar Paraguay Front al mundo!

I entered the above code pic.twitter.com/zmrjgaıxgo

– Carlitos Rehala (@carlitosrejala) June 7, 2021

Speculation around the law quickly followed. Rumors began circulating that Reala was working to claim Bitcoin as a legal tender, according to El Salvador, which he later denied.

But the version of the bill did not please lawyers for cryptocurrencies. Paraguayan architect and technology enthusiast Juan Pessolani says he gained access to early design.

“I found that 90% of the bill was an actual transcription of two failed bills, one from the Argentine Congress and the other from the Colombian Congress,” Pessolani said in an interview with Decrypt.””Moreover, it had snippets from a Venezuelan blog and a very unpopular anti-virus software site. These were the last places where an informed person would address the project on such an important issue.”

77% of El Salvador residents view Bukele law as unreasonable move on bitcoins

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