Paraguay Government Urges Lawmakers To Pass Bill Against Illegal Bitcoin Mining

According to Odaily, the government of Paraguay is urging lawmakers to pass a bill that would impose up to 10 years of imprisonment for illegal Bitcoin miners. This move is in response to the massive electricity theft threatening the National Electricity Administration (ANDE). The proposed legislation allows Paraguayan police and prosecutors to confiscate and sell illegal mining machines to protect ANDE from significant economic losses caused by energy theft. In the crackdown, over 5,000 ASIC mining machines have already been confiscated this year. The legislative process could potentially lead to a temporary ban on Bitcoin mining in the country. The government's move is aimed at curbing the rampant illegal mining activities that are causing a strain on the country's power resources. The proposed bill is seen as a significant step towards regulating the cryptocurrency industry in Paraguay and ensuring the sustainable use of its energy resources.