Only 38 out of 80 lawmakers voted to proceed with the bill, and out of the number, nine lawmakers voted against it, and the rest were either absent or voted blank.
The president has vetoed the bill, which sought to recognize mining and treat it like an industrial activity with its power tariff 15% above the household tariff.
The regulation introduces guidelines for the mining, commercialization, intermediation, exchange, custody, and administration of digital assets or instruments that allow control over digital assets.
The three-day BSV Global Blockchain Convention gathered blockchain leaders and digital assets experts joined by more than 1,000 attendees and 100 participating businesses worldwide.
The Chamber of Deputies, the lower house of Paraguay's bicameral National Assembly, has voted 40-12 in favor of advancing a digital currency industry regulation bill.
The Senate in Paraguay approved the bill introduced back in July that seeks to regulate mining to consume the surplus energy produced.
Paraguay intends to introduce regulations for its nascent crypto industry for the first time, as it seeks to ensure anti-money laundering laws are followed.
The sites, which will be equipped with Bitfury’s BlockBox AC mobile datacenters, will be powered by clean energy from the Itaipú hydroelectric power plant.