Final Step – President’s Approval

It recommends the establishment of a Ministry of Industry and Commerce to oversee crypto service providers. The bill was first introduced in July 2021 by Senator Fernando Silva Facetti and then subsequently approved by Congress in May 2022. Congress had, in fact, especially pointed out that the framework will aim to regulate crypto mining, commercialization, intermediation, exchange, transfer, custody, and/or administration of crypto assets or instruments that allow control over crypto assets.

Taxation And Limitations

All mining operations must first submit a report on their energy consumption to the National Electricity Administration . Under the regulation, ANDE bears the right to cut off electricity supply to any miners that are exceeding their pre-determined electricity consumption. Even though the bill stipulates that miners can get their energy costs subsidized by the government, they will still be charged a rate 15% higher than other industries.

Job Creation Concerns

His concerns were seconded by Senator Esperanza Martinez, who believes that the effects of the energy-intensive mining operations would outrun any jobs that the industry creates.

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Source: AMARA KHATRI | CRYPTODAILY.CO.UK

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