Paraguay Toughens Stance on Illegal Bitcoin Mining with 10-Year Prison Sentence Proposal
Paraguay is set to crack down on illegal Bitcoin mining with a new bill proposing severe penalties. The legislation, submitted by an unidentified member of parliament, aims to deter power theft by unlicensed operators.
The bill, soon to be debated in parliament, targets those who illegally tap into the state-owned electricity company's grid for mining operations. It proposes up to 10 years in prison for power theft, a significant deterrent in the growing Bitcoin price usd industry.
Illegal operators risk not only imprisonment but also the seizure and sale of their mining equipment. Proceeds from these seizures will be returned to the state-owned energy company, which has seen an increase in power theft due to the burgeoning Bitcoin price mining scene. The bill ensures that only licensed operators, who pay for electricity in accordance with regulations, have nothing to fear.
The Paraguayan government, through this bill, is sending a clear message to illegal Bitcoin mining operators. With potential prison time and equipment seizure, the risks now outweigh the rewards. Legal operators can continue their activities, secure in the knowledge that they are acting within the law.
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