Green Light for Golden Goose Crypto Project in Paraguay After Parties Sign Deal

Both the largest cryptocurrency mining establishment and a global digital assets exchange platform could be coming to South America.

Commons Foundation—a blockchain technology foundation from South Korea—has signed earlier a contract with Paraguayan joint venture Sisay Sociedad Anonima to launch in the country the former’s Golden Goose project, a plan to build the biggest crypto mining center and an exchange.

The agreement between the two would allow the South Korean firm to establish five mining facilities close to the Itaipu Hydroelectric Dam, which is located on the Paraguay-Brazil border. The world’s largest clean energy plant produced around 90 terawatt-hours in 2015.

Choi Yong-Kwan, Commons Foundation Chairman, said:

“Only 10 to 20 percent of electricity is produced at Itaipu hydroelectric plant and consumed in Paraguay. More than 80 percent of its electricity is exported overseas. We will build the world’s largest mining centre in Paraguay using low-cost and abundant clean energy.”

Also stipulated in the deal is the creation of relevant laws that would help the Golden Goose project. In fact, the Paraguayan Vice President Hugo Velazquez Moreno himself stated that the national government would support this blockchain project by providing “tax breaks through constitutional revisions.”

Commons Foundation will conduct in a yet-unannounced date an initial exchange offering (IEO) and token pre-sales, which will involve cryptos like Bitcoin (BTC), Ethereum (ETH), and MicroBitcoin (MBC).

If successful, the Golden Goose project would become one of the largest blockchain ecosystems in the region.

| Related: Mining Rigs Turned Off, Sold at Cutthroat Prices as Bitcoin Falls Further