Tag: Paraguayan

Paraguayan President Issues Warning About Bitcoin As Legal Tender Post

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The office of Paraguayan President Santiago Peña appeared to deny a post on the social media platform X that announced the country would begin recognizing Bitcoin as legal tender. In a Monday post on X, the official account of the office of Paraguay’s president asked followers to “dismiss any recently published content” without official confirmation from his office. The post was made minutes after Peña’s personal account on X announced (in English) that Paraguay had made Bitcoin (BTC) legal tender, and established a BTC reserve worth $5 million, also providing…

Latam Insights: Milei Advocates for Crypto Independence, Hive Updates on Paraguayan Mining Site

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news from the past week. In this issue, Argentine President Javier Milei calls for maintaining cryptocurrency independence, Hive provides an update on its Paraguayan mining site, and World lands in Brazil. Milei Advocates for Crypto Independence: ‘Don’t Let States Take Over’ […] Source CryptoX Portal

Holy Bitcoin: Paraguayan Power Company Detects Illegal Crypto Mining Operation in a Church

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The National Power Administration of Paraguay (ANDE) recently detected an illegal bitcoin mining operation in an evangelical church. The church, which shared a power line with a nearby store, had established a connection before its power meter that was hidden within the same building. ANDE officers intervened and removed this illegal connection, estimating that it […] Original

Report: Paraguayan Bitcoin Mining Industry Provides Fewer Than 400 Jobs

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A report presented to the Paraguayan Congress highlights the low level of employment associated with the country’s bitcoin mining activity. According to data from the Social Care Institute, the entire bitcoin mining industry is responsible for only 383 direct jobs, with over 40 companies not reporting any workers directly associated with their operations. Paraguayan Bitcoin […] Original

Latam Insights: US Department of State Acknowledges Bitcoin Helped Revive El Salvador’s Tourism, Paraguayan Government Dismisses Power Fee Hike Concerns

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Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: The U.S. Department of State states bitcoin helped drive tourists to El Salvador, Paraguay dismisses concerns about power fee hikes for bitcoin mining activities, and Salvadoran basic goods’ prices reach record highs. US […] Original

Paraguayan Minister Unveils Future Economic Strategy Centered on Bitcoin Mining for Industrial Transition

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Javier Gimenez, from the Paraguayan Ministry of Industry and Commerce, revealed that the government plans to take advantage of the energy sold to legal bitcoin mining operations. Gimenez stated that selling Paraguay’s energy to bitcoin mining companies is part of the government’s strategy, which seeks to rebuild its industry in three years as part of […] Original

Paraguayan Authorities Shut Down 2,700 Miners in Largest Anti-Illegal Bitcoin Mining Intervention to Date

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Paraguayan authorities detected and shut down an illegal bitcoin mining farm that had over 2,700 miners connected directly to the country’s power grid. The operation, carried out in the city of Saltos de Guaira and situated near a national power facility, was deemed by authorities as the largest operation of its kind. Paraguayan Authorities Bust […] Original

Paraguayan Lawmakers Introduce Bill to Temporarily Pull the Plug on Bitcoin Mining Operations

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A group of Paraguayan lawmakers is spearheading a bill that seeks to enact a temporary ban on cryptocurrency mining operations in Paraguay for 180 days or until the industry’s activities are properly regulated. The bill alleges that 28% of the energy losses of the National Power Administration (ANDE) correspond, in part, to illegal bitcoin mining […] Original