Paraguay set to regulate cryptocurrency

[Yugocean]

The government of the country of Paraguay has presented a bill in the parliament to regulate cryptocurrency in their country. There is speculation that Bitcoin may be legalized in Paraguay, as in El Salvador, although nothing is certain.

There is a huge difference between the situation in El Salvador and Paraguay. El Salvador is very small, while the area of Paraguay is greater than Britain, Italy, Germany. Systematically, El Salvador has no other currency of its own, while Paraguay has its own guaraní currency.

So a decentralized currency such as bitcoin or a private digital currency issued by another manufacturer in the country would not be made equivalent to the national currency, but it can be recognized as a digital asset so that it can be regulated.

 

[Alexandoy]

My idea of regulation is the control of the systems related to the commodity. In crypto the digital wallets and exchange centers have to be registered (that will mean paying taxes) and the charges will be standard (set by the concerned government department). I think that is good for the users of crypto. At least they can be safe from scams and from over charging.