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- Paraguay seems will soon introduce a Bitcoin-related project in collaboration with PayPal
- The steps of the country have been hinted at by its Deputy of the Nation, Rejala Helman
- The news of Paraguay hinted after El Salvador announced its plans related to the adoption of BTC a couple of days ago at Bitcoin 2021 conference in Miami
Paraguay is officially known as the Republic of Paraguay, which is situated in South America. Recently, the country came forward with a significant Bitcoin-related announcement. Paraguay’s Deputy of the Nation, Carlos Antonio Rejala Helman, hinted that the country is about to take a Bitcoin-related move.
Rejala mentioned in a tweet that Paraguay needed to advance hand in hand with the new generation. And the moment has arrived, like this week, Colorado Party is about to begin with an important project to innovate the country. Moreover, the Deputy also used hashtags BTC and PayPal.
It seems Paraguay will soon come with a big project
Following the tweet of Rejala Helman, it seems that Paraguay is about to do something related to Bitcoin. According to few analysts in the cryptosphere, it looks like the country will work on a Bitcoin-related project which could also have PayPal, the global payments giant, on board.
However, more details about the topic are yet to be uncovered. Still, the post remains an interesting one for crypto advocates.
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Rejala Helman seems a crypto proponent
Following the tweet of Rejala, he mentioned that he wanted the project to begin a long time ago. Moreover, following the profile photo of the Deputy of the Nation of Paraguay, we observed the laser eyes trend.
Bitcoiners predominantly use the laser eye trend, who want the prices to surge higher and cross the level of $100k. Hence, seeing the Paraguayan Deputy also following such a trend, it seems he is also one of the crypto industry advocates.
Rejala’s tweet coincided with El Salvador’s move
A couple of days before the Paraguay deputy hinted about the country’s move for innovation, El Salvador also revealed its Bitcoin-related plans. El Salvador’s president Nayib Bukele revealed the country’s plans to make Bitcoin a legal tender at the Bitcoin 2021 conference in Miami.
In the conference, Jack Malers, the founder of Strike, a Bitcoin payments firm, shared a pre-recorded message of Nayib Bukele. The message revealed that Paraguay is working on increasing Bitcoin adoption in recent months.
Moreover, Strike also revealed that the firm would be opening an innovation headquarters in the country. And the government will submit a bill to a US congress to make BTC a legal tender in El Salvador.
Can Paraguay’s government take similar steps to El Salvador?
Observing the hints revealed by the Deputy of Paraguay, it seems whatever the country will roll-out, is going to be entirely different from El Salvador. This comes as Rejala mentions the inclusion of PayPal in the project. PayPal has also supported cryptocurrency transactions and integrated such services into its platform.
Following the scenario, it seems PayPal will be helping Paraguay who is working on getting mass cryptocurrency adoption.
How will Bitcoin adoption help?
In the current scenario, the total market capitalization of Bitcoin is about $632.34 billion. Following the scenario, El Salvador’s president believes that if a single per cent of the asset’s market cap gets invested in the country, its Gross Domestic Product will skyrocket by 25%.
On the other side, BTC will help get the fastest growing way to transfer $6 billion a year in remittance. According to Nayib Bukele, Such $6 billion will be saved and lost to mediators for transactions.
Moreover, the flagship cryptocurrency has the potential to enhance the lives of millions. Using the crypto asset, the amount received by more than a million low-income Paraguayans will increase by the equivalent of hundreds and thousands of dollars each year.
No laws prohibit Bitcoin and altcoins
In the current scenario, there are no laws in Paraguay that prohibit the use of Bitcoin and other crypto-assets. However, cryptocurrency is being regulated by the Paraguay Secretariat for the Prevention of Money or Property Laundering (SEPRELAD). Earlier this year, the regulatory authority issued an order that calls local crypto firms to report suspicious transactions.
