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- After El Salvador, Paraguay is the next country to draught new crypto-focused laws
- On Wednesday, July 14, Paraguayan Congressman Carlitos Rejala and Senator Fernando Silva Facetti propose to introduce a Bitcoin (BTC) bill in Congress
- The upcoming bill will include provisions aimed at making Paraguay a top destination for foreign cryptocurrency investors, enterprises, and possibly even Bitcoin miners
El Salvador’s move to embrace Bitcoin as legal tender in June looks to be inspiring politicians in other countries in the area to consider their own cryptocurrency strategy. Paraguay is the next country to pass crypto-related laws. On Wednesday, July 14, Paraguayan Congressman Carlitos Rejala and Senator Fernando Silva Facetti proposed to introduce a Bitcoin (BTC) bill in Congress, highlighting the politicians’ urgency in developing a comprehensive digital asset policy for their country.
Paraguay aspires to become a global hub for cryptocurrency investors
Following El Salvador’s passage of legislation making bitcoin legal cash, a Paraguayan congressman indicated that he is working on bitcoin legislation to be introduced next month. The Hagamos Party’s Deputy Carlos Antonio Rejala Helman has urged for Paraguay to follow El Salvador’s lead on bitcoin. The congressman’s Twitter profile photo has been updated to incorporate laser eyes, indicating that he expects bitcoin to reach $100,000.
According to La Nacion, the deputy is crafting a measure to legalise the use of cryptocurrency as a form of payment in Paraguay. According to the journal, the measure establishes that any transaction within the national territory can be carried out using bitcoin, and the state will be in charge of promoting and teaching various sectors so that they can use this new form of electronic payments.
The congressman announced earlier this month that he is collaborating with CEO Juanjo Benitez Rickmann and the Paraguayan crypto community in order for Paraguay to become a global hub for crypto investors and, as a result, to be recognised as a leader in digital technology.
Rickmann said that he is working with the congressman to introduce a project in congress so that Paraguay becomes a crypto-friendly country for international crypto investors, utilising the renewable and inexpensive electricity offered by hydroelectrics.
Carlitos Rejala on Bitcoin legalization
On Friday, Rejala tweeted that he is in Paraguay to unite the country, and that he and his fellow legislator are arranging a big surprise for Paraguay and the rest of the world. Despite the fact that Rejala did not clarify what the measure would comprise, some legislators in the country want to follow El Salvador’s lead and declare Bitcoin legal tender.
On June 6, Rejala informed his more than 50,000 Twitter followers that digital assets would be linked to a major project aimed at putting Paraguay on the map as a global innovator. Paraguay has denied following El Salvador’s lead, claiming that their sole issue is how to govern cryptocurrency in their country. Reports of a Bitcoin Bill being discussed, on the other hand, are a good development.
Contents of Rejala’s Bitcoin Bill as predicted
Based on his prior statements, it’s safe to assume that the next Bitcoin bill will outline how Paraguay may become a leading hub for international cryptocurrency investors, businesses, and possibly Bitcoin miners. This is where the Bitcoin bill’s provisions for accepting Bitcoin as legal money come into play. Latin America as a continent is establishing itself as the bitcoin capital of the world. This is largely due to domestic economic and fiscal challenges, particularly in Argentina, Venezuela, and Mexico.
According to Rejala’s prior pronouncements, the next bill will include provisions to make Paraguay a top destination for foreign cryptocurrency investors, enterprises, and possibly even Bitcoin miners. This could include provisions allowing BTC to be accepted as legal tender. Rejala, like other Latin American lawmakers, put laser eyes to his Twitter profile photo as a mark of his bullish perspective on Bitcoin.
Latin America as a cryptocurrency adoption hotspot
Due to local economic and fiscal challenges, Latin America has emerged as a possible hotbed for cryptocurrency adoption, particularly in Argentina, Venezuela, and Mexico. At least two cryptocurrency unicorns have emerged in Latin America, a phrase used in the venture capital business to denote startups valued at $1 billion or more.
2TM Group, the parent company of Mercado Bitcoin, a Brazilian cryptocurrency exchange, just raised $200 million in funding from SoftBank, raising its total worth to $2.1 billion. Meanwhile, Bitso, a Mexican crypto exchange, has raised $2.1 billion in a Series C fundraising round.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
