Paraguay’s lower house has dealt a blow to the country’s blossoming mining industry as the country’s legislature voted down a bill that would regulate crypto.
The South American nation attracts local and international firms to set up bitcoin mines owing to having one of the cheapest energy rates in the world, thanks to the Itaipu dam, one of the world’s largest.
The bill would regulate crypto and mining and was initially passed by the country’s senate in July.
However, the president vetoed the proposed legislation in August, sending it back to the legislature for amendments and a fresh round of voting.
Yesterday, the bill only garnered 36 votes, as opposed to the 41 it needed to pass.