Is Paraguay the next country to embrace cryptocurrency?
Following El Salvador’s Bitcoin Law, could Paraguay be the next country to adopt the cryptocurrency as legal tender?
The answer would be an outright YES if it was up to congressman Carlos Antonio Rejala. The congressman has recently added laser eyes to his Twitter profile picture as he is working on Bitcoin legislation with the aim to make Paraguay a hub for cryptocurrency investors worldwide. The proposal will be presented in the next month.
As is reported by popular news outlet, La Nacion, on Friday, the proposal will seek to legalize the use of cryptocurrencies in Paraguay as a means of payment. Any transaction within the country’s territory can then be carried out with Bitcoin and the state will be the one in charge of promoting and training the different sectors so that they can all access this new technology, la Nacion reported.
The congressman commented himself saying:
“Since we announced that we are working on a bill that legalizes in Paraguay the use of digital assets as legal tender for any type of commercial transaction, these assets better known as digital currencies, or considering its most popular version, Bitcoin, various Paraguayan companies have already joined. Together we have taken a step forward towards the new era of transactions, which makes us proud.”
Excited about the legislation that is still in the works, Rejala send out a promising Tweet on June 17:
— Carlitos Rejala (@carlitosrejala) June 17, 2021
The preparation of his proposed legislature does not come as a surprise as Rejala already shared his vision on Paraguay becoming a crypto hub two weeks ago:
Working with @juanjobr and the Paraguayan crypto community in order for Paraguay to become a hub for the crypto investors of the world and subsequently to be placed among the ones on the cutting edge of digital technology @michael_saylor @cz_binance @elonmusk https://t.co/pfO03HNSr1
— Carlitos Rejala (@carlitosrejala) June 7, 2021
The new legislature will be presented on July 14 according to latest information.
Cryptocurrencies are hot
Another development in Paraguay also points to the increased adoption of Bitcoin and other cryptocurrencies. Grupo Cinco, a large entertainment group in the country announced that all of its 24 business units have started to accept cryptocurrencies. Also, Universidad Comunera (UCOM), a private university in Asunción recently announced it is accepting Bitcoin for payments.
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Author: Peter Siu