Paraguayan authorities to discuss prospects for creating a strategic bitcoin reserve
Paraguayan authorities are planning a meeting with leaders of the country's crypto industry to discuss the prospects of creating a strategic bitcoin fund, the National Agency for Digital Assets (ANAD) said.
The meeting with representatives of the crypto industry under the auspices of ANAD will take place in Asuncion at two events: Paraguay Blockchain Summit 2025 and Accelerating Bitcoin from September 10 to 16. The discussion will focus on issues of studying the possibilities of forming a strategic reserve of bitcoins, following the example of the United States, as well as issues of regulation of digital assets and their integration into the Paraguayan economy.
“The country is already a Bitcoin mining hub, thanks to its abundant hydropower capacity. We are now studying the experiences of countries implementing Bitcoin to minimize risks and unlock the potential of digital assets,” said Paraguayan Finance Minister Juan Moreira.
He added that the Central Bank of Paraguay is forced to maintain reasonable caution and a balance between steps to create a state reserve of bitcoin and compliance with the terms of the $285 million IMF loan program, which requires the country's authorities to take increased financial responsibility.
Earlier, Senator Salyn Buzarquis said at a hearing in the Paraguayan Senate that instead of selling surplus electricity at low prices to neighboring countries, the government should consider supporting mining companies, which can provide greater profits and bring about $125 million to the country's budget by 2025. The senator's opinion is shared by industry representatives, such as Hive Digital CEO Aydin Kilic, who sees this as one of the main strategic opportunities for mining in Paraguay.
Opponents have expressed concerns about the negative economic impact of the mining industry on overall employment. Because, unlike sectors such as agriculture or manufacturing, large-scale Bitcoin mining does not create many direct jobs. For example, according to a report by the Social Security Institute (IPS) presented to the Paraguayan Congress, local Bitcoin mining companies have shown low employment, creating only 383 jobs in 2024.
Source: cryptonews.net
