Paraguay Gives Intensive Electricity To Crypto Miners

JAKARTA - Paraguay's plan to legalize Bitcoin as a legal transaction tool received a positive response from investors. Juanjo Benitez Rickmann as CEO of Bitcoin.com.py is no exception, which owns a Bitcoin mining company in Paraguay.

Juanjo revealed that companies that want to mine in the country only need to register and pay taxes. He also said that taxes in Paraguay are low compared to other countries.

Not only that, Paraguay also restricts the flow of foreign funds and dividend payments abroad. “That also makes it (as) an attractive country for crypto investors.”

He added that currently the hydroelectric power plant has not been utilized to 100 percent. Paraguay only uses 26 percent and the rest is given to neighboring countries.

"We have a lot of energy that we sell to Argentina and Brazil almost for free because we can only sell to our neighbours," said Benitez Rickmann.

The bill to legalize Bitcoin as a transaction tool proposed by Paraguayan congressman Carlos Rejala received positive support from crypto players. Rejala also presented it to a number of government institutions, one of which was the anti-money laundry agency.

Currently, it is reported that Rejala is trying to find support from various parties so that the bill can pass and be approved by the President of Paraguay.

At the Bitcoin 2021 conference held in Miami recently, Rickmann discussed the project with crypto mining pool operators from China. The crypto mining operator requested 100 megawatts of space to operate.

“Perhaps this is an opportunity for us to engage and grow with them,” Rejala was quoted as saying by CoinDesk.