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They warn dangers in the law that regulates cryptocurrency mining

The economist Gustavo Rivas questioned the scope of the bill that regulates the Industry and Commercialization of Virtual Assets -Cryptoactives, due to the treatments and benefits -similar to industries- that would be granted to this practice that is growing rapidly without regulation.

In an interview with radio Universo 970 – Nación Media, the economist Gustavo Rivas made known his point of view regarding the bill to regulate cryptocurrency mining activity.

In this regard, he questioned that in article 9 no. of the legislative proposal it is treated as an industry, with all the benefits corresponding to it, so it was asked in that sense if it is really worth giving these benefits to a commercial practice that does not provide much labor. “In a space of 12×30 meters a container enters and consumes energy as if it were a 20-story building, but it is only managed by one or two people. It remains to be seen if the contribution it will give to the Paraguayan economy is sufficient”, he added.

Cryptocurrency is a virtual exchange currency that is very volatile, but does not have a canceling force per se, as in the case of the dollar, according to Rivas, who stressed that the Central Bank does not appear in these regulations as a regulatory entity. “What the Central Bank recognizes is as an asset, it does not see it as legal currency for a bank or exchange transaction,” he added.

Regarding the dangers of this practice, Rivas said that the impact it can have is the consumption of electrical energy, so ways to guarantee supply must be analyzed. In addition to the high risk in investing in cryptocurrencies. Another factor is the setting of the tax on this practice, according to the interviewee.

In the Paraguayan legislative sphere is the project of Law that regulates the Industry and Commercialization of Virtual Assets –Cryptoactivegiving participation as an authority body to the Ministry of Industry and Commerce, which in turn will coordinate the National Securities Commission (for the regulation of public offerings), Seprelad (for the control of money laundering), ANDE ( to meet energy needs) and the Ministry of Finance (to collect taxes).

Within the scope of the regulation, which has already received partial sanction from the Senate and is being studied by the Deputies, it is established that ANDE will grant the character of industrial consumer to the miners and will set the amount that they must pay, who in turn They must be duly authorized to operate.

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