The bill regulating the trading and mining of cryptocurrencies in Paraguay has been suspended. The project, which was presented in the country in the middle of last year, was approved in the senate and then passed into the hands of President Mario Abdo Benítez, who later vetoed the proposal.
When returned to the hands of parliamentarians, the Senate rejected veto the project. However, the final decision was left to the country’s deputies, who eventually introduced the bill.
In this way, in a meeting yesterday Monday (5), the delegates failed to get the necessary votes for approval and the final decision was to introduce the bill that would regulate cryptocurrencies in the country.
ANDE could have influenced the decision
The delegates’ decision was a result of warnings from ANDE – National Electric Energy Administration representatives that if the law passed, it would result in millionaire losses.
“The executive branch’s rejection was based on a recommendation from the National Electric Energy Administration (ANDE), which defends that mining operations are characterized by high electricity consumption; capital intensive; but low utilization of manpower,” said O Announcement🇧🇷
Representative Arnaldo Samaniego (ANR-Capital), who voted in favor of the veto, in turn said that “Dismissing the appeal would mean a millionaire loss of $30 million for ANDE🇧🇷
Other delegates for such as José Rodríguez (PLRA-Central) and Jazmín Narváez (ANR-Central) argued that ANDE cannot afford losses and that the project has obligations that cannot be fulfilled.
In this way, the deputies pointed out that the equivalent of the possible damage “could be put to better use”, investing in infrastructure to improve the quality of service to its customers.
Delegate accuses ANDE of vote buying
Deputy Celeste Amarilla (PLRA-Capital), defending the rejection of the veto, accused ANDE authorities of indirectly negotiating the vote with MPs.
“ANDE offers legislators and senators advantages for accepting the veto. this is bribery”, accused Amarilla.
In addition, he claimed that the state-owned company has already negotiated with four specific companies and allegedly favored them with preferential prices.
While not naming any names, she mentioned “three Chinese companies and one Swiss,” possibly meaning one millionaire contract recently closed by ANDE.
“When the law comes, they already gave ‘friends’ a preferential price of $30 per meg, and today everyone has to pay $57 per meg; It’s a deal” locked.
Finally, Deputy Sebastião Garcia (PPQ-Capital), as well as his colleague, criticized the decision of the parliamentarians, saying that the veto only “leaves this matter in absolute informality”.
Source: Live Coins
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
