Paraguay Halts Bitcoin Mining Prohibition

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Paraguayan officials are grappling with the issue of whether to impose a ban on cryptocurrency mining in the country, with some senators proposing alternative solutions.

One proposal suggests selling surplus energy from the country’s Itaipu hydropower plant to miners, rather than exporting it to neighboring countries Brazil and Argentina.

A public hearing on April 23 will provide a platform for debating the merits and drawbacks of Bitcoin mining in Paraguay, according to Senator Lilian Samaniego who confirmed this during a senate session on April 10.

This comes in the wake of a draft law introduced on April 4 to temporarily prohibit Bitcoin mining for 180 days, citing concerns about illegal mining activities draining power and disrupting the country’s electricity supply.