Paraguay's senators have halted progress on a proposed ban on cryptocurrency mining introduced last week, with officials now considering the benefits of selling surplus energy from the Itaipu hydroelectric plant to miners instead of exporting it to Brazil and Argentina.
The debate will take place at a public hearing on April 23 to discuss the pros and cons of Bitcoin mining in the country, Senator Lilian Samaniego confirmed at the April 10 Senate meeting.
This came about a week after lawmakers presented a bill on April 4 to at least temporarily ban Bitcoin mining for 180 days, claiming that illegal cryptocurrency mines steal energy and disrupt the country's electricity supply.
However, a few days later, Paraguayan lawmakers approved a declaration to support local and foreign investment infrastructure four days later on April 8, which Senator Salyn Buzarquis hopes will prompt Paraguay's Ministry of Industry to study the economic benefits of selling surplus energy to Bitcoin miners.
In an April 8 letter to Congress, Buzarquis noted that 45 licensed cryptocurrency miners are on track to generate $48 million for the National Electricity Administration (ANDE) by 2024. - with the number expected to reach $125 million by 2025 as miners install more equipment.
