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Paraguay’s government is urging lawmakers to pass a bill that could impose prison sentences of up to 10 years on illegal Bitcoin (BTC) miners. Earlier this month, presidential spokesperson Paula Caro announced that the draft law had been sent to Parliament as a matter of urgency.
Severe penalties for illegal bitcoin miners
Caro explained that the proposed legislation aims to “punish” Illegal mining activities with significant prison sentences. According to Criptonoticias, the bill also allows Paraguayan police and prosecutors to confiscate mining equipment from unauthorized operators. This legislation is designed to protect the state-owned National Electricity Administration (ANDE), which has been severely affected by the theft of large amounts of energy through illegal Bitcoin mining operations.
The draft law stipulates that courts can impose a maximum prison sentence of 10 years on those convicted of energy theft. Additionally, it allows ANDE to order takeover of mining rigs, which can then be sold, with the proceeds benefiting the state-run electricity provider.
Bitcoin mining activity in Paraguay rises
Bitcoin mining has seen significant growth in Paraguay due to the country’s abundant hydroelectric resources. These resources make it Attractive site for BTC Miners. Despite efforts by lawmakers to regulate the industry, many miners have established illegal connections with… Electricity networksWhich causes an increase in loads and other problems for electricity providers.
In response, law enforcement agencies have intensified their efforts to combat illegal mining activities. Since the beginning of the year, police have seized more than 5,000 ASIC miners in various raids across the country.
Government crackdown on illegal mining
ANDE actively participated in 17 illegal raids Bitcoin mining and altcoins Operations since the beginning of 2024. This campaign has led to legislative action, with at least 14 lawmakers supporting a private member’s bill that seeks to temporarily ban Bitcoin mining until the problem of illegal operations is resolved. However, this bill has not yet passed the committee stage and may not reach a vote in the legislature.
If the government’s bill is approved, the private member’s bill will likely be set aside. Caro noted that the draft law presented by the government has the support of the Public Ministry, ANDE, and the Paraguayan judiciary. She stressed that illegal Bitcoin mining has led to millions of dollars in losses to energy providers in Paraguay.
Legislative and judicial support
The Paraguayan government is seeking rapid legislative action to address the challenges posed by illegal Bitcoin mining. The proposed bill reflects a coordinated effort among various government agencies to mitigate the impact of unauthorized mining on the national electricity grid and ensure the sustainability of the country’s electricity resources.
The Paraguayan government continues to fight illegal Bitcoin miners who steal electricity. The executive branch announced today, through presidential spokeswoman Paula Caro, that it will send to Congress two draft laws to confiscate equipment and impose penalties of up to… pic.twitter.com/Tbt7MVKby7
– Joaquín Morenejo 🇵🇾🏴☠️⚡️ (@criptoboi) May 17, 2024
New cryptocurrency legislation in Paraguay
As we also reported, lawmakers in Paraguay recently met to vote on a draft law related to crypto assets. During this session, the bill received overwhelming support, with 40 representatives voting in favor and only 12 opposing it. The new law focuses on empowering regulators with the necessary authority to supervise companies that provide cryptocurrency services. These regulatory bodies will be responsible for issuing licenses, monitoring the activities of these companies and ensuring their compliance with applicable regulations.
Despite its crackdown on illegal mining, one of the main motivations behind Paraguay’s move toward regulating cryptocurrencies is its desire to maintain its status as a hub for foreign miners. This appeal is largely due to the country’s low electricity prices, which have been the lowest in the region over the past five years. By creating a regulatory framework, Paraguay aims to attract and retain these mining operations.
The proposed bill sets requirements for both new and existing industrial miners wishing to work within the country. These miners will need to obtain permits and approvals before starting their operations. Additionally, the bill addresses individuals and companies looking to facilitate cryptocurrency services, ensuring that all market players adhere to the same standards.
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