Paraguayan MP’s ‘leaked’ crypto bill makes no mention of Bitcoin: Report

New Delhi: A new bitcoin law is expected to be introduced into Paraguay’s legislature tomorrow which will require cryptos to be registered with the country’s Undersecretariat of State Taxation, Decrypt reported.

Now, the details of a Paraguayan private member’s bill would bring bitcoin (BTC) and crypto into the national economy have allegedly been leaked to the media hours before they were due to be unveiled.

“The purpose of this draft law is to establish legal certainty, financial and fiscal in the businesses derived from the production and commercialization of virtual assets,” a rough translation of the document reads. Decrypt reported that the bill was a leaked draft, without saying how it obtained it.

Click here for the copy of the bill

“It is important that companies can register these products within their accounting so that they can have their real valuation, additionally [it] helps to optimize the tax collection of this industry, finally giving traceability of what is produced in the country facilitating its tracking by supervisory authorities,” the document says.

The alleged bill is the brainchild of the Panamanian MP Carlos “Carlitos” Rejala of the minority opposition Hagamos Party, who is yet to comment on the leak. Rejala teased the new bill again earlier this month, after winning the support of Fernando Silva Facetti

The draft bill also contains multiple clauses about how crypto-related money laundering should be avoided, how crypto exchanges should be regulated to provide “customer protection.” One clause proposes making the “commercial sale” of crypto legal and “free.” The bill makes no direct mention of BTC or any other token.