Paraguay Senators Push for Ban on Crypto Mining Due to Energy Theft Issues
Friday, 5 April 2024, 06:35
Senators in Paraguay Want to Ban Crypto Mining
The Paraguayan senators have proposed a bill to ban the creation, storage, and trading of virtual assets, as well as the establishment of crypto mining farms, highlighting the energy theft and regulatory concerns.
Crypto Miners Impact on Energy Sector
- Energy Theft: Crypto miners in Paraguay exploit hydroelectric energy, leading to substantial losses for the National Electricity Administration.
- No Regulation: The lack of regulations has allowed for illicit connections and unauthorized energy consumption in crypto mining farms.
The proposed ban on crypto mining aims to address these issues and establish a comprehensive regulatory framework for the sector to ensure transparency, market stability, and energy efficiency.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.