The Senate of Paraguay will be obliged to vote on the future of cryptocurrencies

The lower house of Paraguay’s parliament has approved a bill regulating cryptocurrency mining and trading. The bill was voted in favor by 40 deputies and against by 12. The next step is to vote for the bill in the Senate.

Accordingly, the fate of the cryptocurrency bill now depends only on Paraguayan parliamentarians and the will of the country’s president. Earlier, Coindesk reported that the bill passed in the lower house will oblige owners of mining equipment to obtain licenses. The law also provides for the creation of a unified registry for legal entities and individuals providing cryptocurrency storage and trading services.

At the current stage, the legislators' plans do not imply the recognition of cryptocurrencies as a full-fledged means of payment. The goal of the deputies, which was set last year, was to regulate the cryptocurrency industry in a high-quality manner.

Earlier, Panama’s President Laurentino Cartiso did not support the bill on cryptocurrency regulation passed by the parliament in its current form.