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The Paraguayan Senate is going against the country’s president when it comes to the passing of the recently approved cryptocurrency bill. President Mario Abdo exerted a complete veto action on this initiative earlier this month, but the Senate has reaffirmed its support for the sanction of this bill in a new discussion, rejecting Abdo’s veto.
Senators stated that the law contains various decisions that would help the state and the cryptocurrency industry, particularly crypto miners. Senator Enrique Salyn Buzarquis pledged his support for the bill’s passage, noting that the state should legitimize collecting taxes on Bitcoin mining activities in Paraguay. Buzarquis said:
“It is better for the cryptocurrency business to formalize and charge what corresponds, so I defend the bill.”
The cited bill’s presidential veto was overturned by all 33 senators.
Another senator, Abel Gonzalez, argued in favor of this penalty, saying that rather than being wasted, the energy can better be used to bring in revenue for the Paraguay government. Senator Daniel Roja also made the decision to support this legislation once more, citing how cryptocurrencies may help to increase the usage of energy in new types of jobs.
President Abdo vetoed the bill fully for environmental and operational concerns. According to the document where his dismissal was illustrated, a growing crypto mining industry could cause at some point cause an energy shortage.