Paraguay has announced a partnership with the South Korea-based Commons Foundation in order to develop an ambitious cryptocurrency mining project. The Foundation is specifically dedicated to peer-based sustainable blockchain-based projects. The project is no small feat: the government of Paraguay and the Commons Foundation plan to build the world’s largest crypto mining farm and cryptocurrency exchange.
There is little doubt as to the reason that the Commons Foundation was drawn to Paraguay in particular. The country is actually the world leader when it comes to producing renewable energy, and also is one of the world’s largest electricity exporters, as well. Almost all of its energy comes from hydroelectric dams, and only 20% of the electricity produced by Paraguay is actually utilized by the country itself.
One notable dam is the Itaipu Dam, which is located on the border between Brazil and Paraguay. The hydroelectric power plant at this particular dam is the largest in the world.
The initiative has been entitled “The Golden Goose Project”, and the global cryptocurrency exchange is planned to be located at Ciudad de Este, Paraguay. The government of Paraguay is reportedly providing five plots of land located near the Itaipu Hydroelectric power Plant for the initiative, as well.
The vice president of Paraguay, Hugo Moreno, offered his support, stating:
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“The Paraguay government will actively support the Commons Foundation’s ‘Golden Goose project’ and provide tax breaks through constitutional revisions.”