Paraguay's House of Representatives Approves Resolutions to Regulate Cryptocurrency Mining

According to Foresight News, Paraguay's House of Representatives approved two resolutions on December 4, aimed at obtaining information on cryptocurrency mining activities. Proposed by legislator María Constancia Benítez, the resolutions seek to enhance control, transparency, and regulation of the rapidly expanding mining industry. The resolutions mandate relevant agencies to submit reports within 15 days. The first resolution requires the Ministry of Industry and Trade to provide information on individuals and companies registered for Bitcoin and cryptocurrency mining. The second resolution calls for the National Electricity Administration (ANDE) to supply a list of all authorized electricity connections for cryptocurrency mining, including the names of those responsible and the installation locations. Data from Hashrate Index indicates that Paraguay currently controls approximately 3.9% of the global hash rate, ranking fourth worldwide, behind the United States, Russia, and China. The country's surplus of hydroelectric energy has made it an attractive destination for international miners.