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Mario Abdo Benitez, president of Paraguay, has just vetoed a bill aimed at regulating the mining and trading of cryptos.
According to him, the high electricity consumption in digital asset mining may hinder the development of a sustainable national industry.
A senator from the country has criticized the president's decision noting that such an approach "indicates short-sightedness."
He has said:
"The president opposes the regulation of a sector that requires control, and destroys the possibility of attracting new investors and formalizing hundreds of small and medium-sized companies operating in this industry."
The amended document was approved at the end of May in the lower house of the country's parliament. The main change concerns the transfer of supervisory functions to the Ministry of Industry and Commerce.
