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Paraguay’s Senate Passes Bill Regulating Bitcoin And Crypto Mining, Trading; Bitcoin Rises

The price of Bitcoin rose by 0.04 per cent in the last 24 hours, while Ethereum fell by 0.05 per cent

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Paraguay’s Senate Passes Bill Regulating Bitcoin And Crypto Mining, Trading; Bitcoin Rises

The Paraguayan Senate on Thursday re-approved a bill governing cryptocurrency mining and trade in the country. The Senate had previously approved the bill in December, but the Chamber of Deputies modified it and later approved it in May this year. It consequently went back to the upper house for approval. The measure must now be forwarded to the executive branch for approval or veto after being adopted by both chambers, Coindesk reported. 

The primary law enforcement agency will be the Ministry of Industry and Commerce, which will penalise anyone or any legal entity using cryptocurrency for mining or other services without the required authorisation, according to the main modification proposed by the Chamber of Deputies, and approved by the Senate.

In other news, tech businesses are still pursuing the promising field of non-fungible tokens (NFTs) despite the volatile cryptocurrency market. In the most recent development, Snapchat is apparently experimenting with new approaches of introducing digital collectibles for artists. 

According to a report by TechCrunch, the social media site is looking into ways to enable artists to showcase their digital treasures as Snapchat AR filters. That said, the company will not charge creators for using this tool. It wants to strike partnerships with companies that will let creators to make money from showing their NFTs on Snapchat.

Crypto Prices

The price of Bitcoin (BTC) rose by 0.04 per cent in the last 24 hours, and it was trading at $20,627.03 at 5:00 pm IST. According to data from Coinmarketcap.com, its dominance in the crypto market is currently at 42.58 per cent, up by 0.04 per cent in the last 24 hours.

Ethereum (ETH) was trading at $1,197.73, down by 0.05 per cent, while Binance Coin (BNB) was down by 0.03 per cent in the last 24 hours, and it was trading at $235.77. Solana (SOL) was up by 0.02 per cent to $36.67, while Cardano (ADA) was up by 0.11 per cent to $0.4355.

Meme Coins

Dogecoin was trading at $0.06226 at 5:00 pm IST, up by 0.17 per cent on Coinmarketcap.com. Its rival, Shiba Inu was trading in the green at $0.00001062. Samoyedcoin was up by 0.25 per cent, and it was trading at $0.008951, while Dogelon Mars was up by 0.09 per cent, and it was trading at $0.0000003056. 

Overall Scenario

According to Coinmarketcap.com, the global crypto market cap was at $924.85 billion, a decrease of 1.10 per cent in the last 24 hours, while the total crypto market volume was $56.22 billion, having registered a decrease of 36.37 per cent.

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