On Thursday, the Senate of Paraguay passed a bill that seeks to regulate the mining and trading of\u00a0 cryptocurrencies in the country. According to a Twitter post by one of the three proponents of the bill,\u00a0 Senator Fernando Silva Facetti says the Chamber of Deputies of Paraguay will sit to deliberate on the bill in 2022. Paraguay To Decide on Crypto Bill The bill requires all miners \u2013 whether private individuals or business entities \u2013 to request for approval to consume industrial electricity, before applying for a license. Additionally, the bill states that the Industry and Commerce Secretariat willl be overseeing crypto mining within the country, albeit with the help of the country\u2019s Anti-money Laundering Office and National Securities Commission. Meanwhile, the National Electricity Administration will also partake in regulating the activity. Meanwhile, despite not clearly stating the idea of an exchange, the bill clearly proposes a sort of record keeping of any individual or legalized business entity looking to offer trading or custody services of crypto to others. Also contained in the bill is the fact that Paraguay consumes only one-third of the energy it produces. Invariably, this means that, if regulated, crypto mining activities would make up for the remaining thousands of megawatts of electricity that Paraguay currently has no use for. Paraguay is no doubt a safe haven for many mining companies due to its low electricity tariff, which is obviously the lowest in the region, charging at only about $0.05 per kilowatt-hour. The post Breaking: Paraguay Approves Bill To Regulate Bitcoin Mining and Trading appeared first on CoinGape.