So be it. In fact, China and other countries have banned Bitcoin many times, but look at what happened. China lost billions of dollars from miners as capital fled abroad. Yet, Bitcoin is the future.
The Paraguayan government has acknowledged that it cannot substitute the bitcoin mining industry in the near term. So the moves in this direction are strange, considering that the strategy described by the Ministry of Industry and Commerce was to leverage bitcoin mining as a bridge to attract labor-intensive activities in the long term.
This is why the stance of the Paraguayan government towards bitcoin is considered a net negative for the country, positioning it to lose millions of dollars in capital flight and gain nothing in return as there is no alternative consumer for the energy this is taking advantage of.
So be it. In fact, China and other countries have banned Bitcoin many times, but look at what happened. China lost billions of dollars from miners as capital fled abroad. Yet, Bitcoin is the future.
From article:
The Paraguayan government has acknowledged that it cannot substitute the bitcoin mining industry in the near term. So the moves in this direction are strange, considering that the strategy described by the Ministry of Industry and Commerce was to leverage bitcoin mining as a bridge to attract labor-intensive activities in the long term.
This is why the stance of the Paraguayan government towards bitcoin is considered a net negative for the country, positioning it to lose millions of dollars in capital flight and gain nothing in return as there is no alternative consumer for the energy this is taking advantage of.