Moments away from officially introducing Senator Fernando Silva Facetti and Congressman Carlos Rejala’s Paraguayan Bitcoin law to Congress, the draft on the new bill has reportedly leaked on the internet. Contrary to initial belief, it is nothing like El Salvador President Nayib Bukele’s, which sought to turn Bitcoin into legal tender.
As per a rough translation of the particular draft bill, the purpose of the proposed law is to establish legal certainty for both fiscal and financial in the businesses based on supplying and producing virtual assets. The leaked draft further states that the bill also aims to regulate crypto mining and trading with the help of P2P marketplaces and exchanges, wherein participants will undergo mandatory “obligated subjects” registration.
Como ya lo decía hace un buen tiempo, nuestro país necesita avanzar de la mano de la nueva generación.
Llegó el momento, nuestro momento.
Esta semana empezamos con un proyecto importante para innovar a Paraguay frente al mundo!
— Carlitos Rejala 🙏🇵🇾🙌 (@carlitosrejala) June 7, 2021
As briefly touched upon above, this diverges far away from what many believed it would entail –underwhelming the majority of the crypto space.
Paraguayan tech enthusiast and architect Juan Pessolani, who claims that he has a copy of the early draft of Facetti and Rejala’s Bitcoin bill, states that about 90% of the new bill is but direct transcription of two prior unsuccessful bills – one from the Colombian Congress and the other from Argentina. Pessolani then adds that some elements from within the draft are but taken from lesser-known antivirus websites and Venezuelan blog sites, implying that the Paraguayan lawmaker’s proposal bill lacked effort and was severely disappointing.
Nevertheless, the Paraguayan Bitcoin Law proposal is still scheduled to be introduced in front of Congress. What impact it may hold on the country’s economy or if it even becomes a law at all remains to be determined.