Tag: Paraguay

Paraguay moves a step closer to regulating digital currency

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On Dec. 17, 2021, the Senate of Paraguay approved a cryptocurrency bill introduced in July. The provisions, which define several key terms including virtual assets and call for licenses to mine cryptocurrencies, will now be sent to the Deputy Chamber for further deliberation. Senator Fernando Silva Facetti, the bill’s sponsor, revealed that it’s passed in the Paraguayan Senate after a contentious debate. According to the senator, the law also aims to foster the growth of crypto mining activities by using the surplus electricity generated in the country. (1/3) Today, after an…

Cryptocurrency Bill Advances to Chamber of Deputies in Paraguay – Regulation Bitcoin News

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A cryptocurrency bill introduced in July to the Senate of Paraguay has been approved. The text, which defines several important concepts including virtual assets, and establishes the need for licenses to mine cryptocurrencies, will now advance to the Deputy Chamber to be discussed. Paraguay Could Approve Crypto Law by Next Year A new cryptocurrency bill has taken its first step toward being approved as law in Paraguay. The project, which was introduced in July, was approved in the Paraguayan Senate after a heated discussion, according to reports from…

Paraguay Eyed as New Bitcoin Mining Destination – Bitcoin News

Paraguay is one of the destinations being considered by various companies for setting up their bitcoin mining operations. Last week, Chinese company Future Fintech announced formal plans to build a bitcoin mining facility in the country, explaining they were determining the best location for the upcoming farm. In June, local media declared that there were eight Chinese economic groups interested in coming to the country. Paraguay Considered for Its Bitcoin Mining Potential Paraguay, an often overlooked country of South America, has recently been in the sights of mining…

Paraguay Audits Local Crypto Industry to Prepare for FATF-Style Regulations

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Paraguay is preparing to take its nascent cryptocurrency industry mainstream. Last week, the Latin American country’s anti-money-laundering (AML) chief, the Secretary for Preventing Money and Property Laundering (SEPRELAD), announced a nationwide crypto survey. Every one of Paraguay’s virtual asset service providers (VASPs) was directed to open their books to the government for the first time. The self-reported information was due Dec. 20. Impelled by the Financial Action Task Force’s (FATF) June guidance on VASPs, the mass audit will help Paraguay’s government understand its domestic crypto industry, SEPRELAD officials told CoinDesk. And…

Argentina Settles Export Deal With Paraguay Using Bitcoin

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Argentina has settled an export deal with Paraguay in Bitcoin (BTC), Cointelegraph en Español reported on Thursday, Feb. 14. In a reported first for both countries, Paraguay has bought pesticides and fumigation products  worth $7,100 from Argentina, using cryptocurrency to settle the deal. The purchase was paid for in BTC and then converted into Argentine peso to settle accounts with the exporter of the agricultural chemicals. To proceed with the payments, Argentina applied to Bitex — a Latin American financial services provider that supports Bitcoin payments. According to the chief…

Bitfury and Commons Foundation Partner to Launch Bitcoin (BTC) Mining Operations in Paraguay

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Back in late November, Ethereum World News notified its readers of plans by the Commons Foundation to build the largest Bitcoin (BTC) mining farm in the world. Known as ‘the Golden Goose’ initiative, the project is meant to expand cryptocurrency and blockchain innovation in Spanish-speaking countries with its first project in Paraguay. Paraguay guaranteed a 15 year stable electricity price for the mining operations. The contract signed also provided approximately 50,000 square meters for five mining centers near Itaipu Hydroelectric Power Plant, the world’s second largest clean energy plant after…

Bitfury and Commons Foundation Set to Launch Bitcoin Transaction Processing Center in Paraguay

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Bitfury, a highly-reputed firm dedicated to securing the Bitcoin blockchain, is collaborating with Commons Foundation, a Seoul-based organization focused on creating and implementing cultural, economic, and social peer-to-peer models. The duo will launch a Bitcoin transaction processing center in Paraguay, as part of the latter’s “Golden Goose” initiative aimed at promoting widespread adoption of cryptos and blockchain technology in Spanish-speaking nations, according to a blog post on January 31, 2019. Joining Forces to Foster Cryptocurrency Adoption In a bid to promote the adoption and integration of cryptoassets as well as…

Bitfury to Launch Bitcoin Mining Centers in Paraguay With New Partnership

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Blockchain tech firm and Bitcoin (BTC) mining manufacturer Bitfury plans to launch several mining facilities in Paraguay, according to a press release published Thursday, Jan. 31. Bitfury has partnered with South Korean peer-to-peer knowledge commons research firm Commons Foundation to launch a series of transaction processing sites that will use Bitfury’s BlockBox AC mobile data centers in Paraguay. The project is part of a larger initiative from Commons, dubbed “Golden Goose,” that aims to “expand cryptocurrency and blockchain innovation in Spanish-speaking countries,” the press release reports. As per the announcement,…

How One Project Is Going to Save Trees In Paraguay Via Blockchain

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A group of German entrepreneurs have come up with a blockchain-based project that aims to help save trees in Paraguay, one of the countries most affected by deforestation. Every minute, our planet loses 27 soccer fields worth of forests. In a year, that makes up to more than 75,000 square kilometers, and in 2016, according to a study by the University of Maryland, a sad record has been set: About 297,000 square kilometres of forests have been cut down, slightly less than the entire territory of Italy. The consequences are…

Paraguay to Use Surplus Electricity for Crypto Mining

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Paraguay to Use Surplus Electricity for Crypto Mining November 27, 2018 by Paul de Havilland Paraguay is looking to use its surplus electricity to mine cryptocurrencies. Blessed by the bountiful supply of electricity from the Itaipu hydroelectric power dam, its aim is to become a major mining hub. Also read: Ohio State Treasurer OKs Bitcoin Tax Payments Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts Paraguay With an Eye on the Mining Industry The government of Paraguay recently signed an agreement with the Blockchain Technology Foundation “Commons…