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Paraguay Senate Passes Bill Regulating Bitcoin and Crypto Mining and Trading; bitcoin is rising

The Paraguayan Senate on Thursday passed another law regulating the mining and trading of cryptocurrencies in the country. The Senate had previously approved the bill in December, but the Chamber of Deputies amended it and later approved it in May this year. It consequently went back to the House of Lords for approval. The measure must now be forwarded to the executive branch for approval or veto after approval by both chambers, Coindesk reported.

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

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

According to a report by TechCrunch, the social media site is exploring ways to let artists showcase their digital treasures as Snapchat’s AR filters. However, the company will not charge creators for using this tool. It wants to partner with companies that will allow developers to make money from showing their NFTs on Snapchat.

crypto prices

Bitcoin (BTC) price is up 0.04 percent in the last 24 hours to trade at $20,627.03 as of 17:00 IST. According to data from Coinmarketcap.com, its crypto market dominance currently stands at 42.58 percent, up 0.04 percent over the past 24 hours.

Ethereum (ETH) traded at $1,197.73, down 0.05 percent, while Binance Coin (BNB) is down 0.03 percent over the past 24 hours to trade at $235.77. Solana (SOL) is up 0.02 percent to $36.67, while Cardano (ADA) is up 0.11 percent to $0.4355.

meme coins

Dogecoin was trading at $0.06226 as of 17:00 IST, up 0.17 percent on Coinmarketcap.com. Its rival Shiba Inu was trading in the green at $0.00001062. Samoyedcoin is up 0.25 percent to trade at $0.008951, while Dogelon Mars is up 0.09 percent to trade at $0.0000003056.

overall scenario

According to Coinmarketcap.com, the global crypto market cap stood at $924.85 billion, down 1.10 percent over the past 24 hours, while the total crypto market volume was $56.22 billion, down 36.37 percent recorded.

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