Paraguay Weighs Temporary Bitcoin Mining Ban and Crypto Restrictions

• Paraguay considering temporarily banning bitcoin mining and prohibiting cryptocurrency storage and trading • Aims to impose 6-month ban to protect consumers from crypto risks and control illegal mining • Would affect 50 legally operating mining companies and all crypto users in Paraguay • Paraguay has attracted miners due to cheap, renewable electricity from hydroelectric dams • Not the first attempt to further regulate crypto industry in Paraguay, a similar law failed to pass in late 2022