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- Bitcoin legalization is next in line by Paraguay after el Salvador
- Paraguayan Congressmen and senators will introduce the first BTC bill on July 14 2021
- It is yet to be specified what the bill will exactly entail
- Following the scenario, it seems Latin America is emerging as the next cryptocurrency hub
Bitcoin legalization efforts by El Salvador have remained an influential one. By announcing BTC as a legal tender, El Salvador has become the first country to do so. Following the nation’s steps, several other countries like Panama and Paraguay have also shown interest in legalization. In recent developments, Carlitos Antonio Rejala Helman, a Paraguay official, revealed that the senators are about to propose the first bitcoin bill. Indeed, Paraguay is next in line to introduce crypto-focused legislation and explore their own crypto strategy.
Paraguayan Congressmen to introduce latest BTC bill
Paraguayan Congressperson Carlitos Rejala will introduce the first BTC bill with Senator Fernando Silva Facetti. According to Rejala’s tweet, they will propose the Bitcoin bill on July 14, 2021. The bill will underscore the lawmakers’ urgency in formulating a coherent cryptocurrency strategy for their country.
Rejala mentioned that he is here to unite Paraguay. Notably, Rejala and his fellow senator have a mega surprise for the country and the world.
What would the upcoming bill entail?
Rejala announced his upcoming plans on Saturday. To his more than 50k Twitter followers, Rejala enlightened that cryptocurrencies would be connected to a significant project to innovate the nation in front of the globe.
However, the congressperson yet not has specified what exactly the bill would entail. Notably, some of the senators in the country seem willing to follow El Salvador’s path to legalize Bitcoin.
Forthcoming bill will introduce new measures
When El Salvador legalized Bitcoin in the country at the time, Rejala revealed his interest in Bitcoin. At the time, he had mentioned that it’s safe to assume that the upcoming bill will outline how Paraguay may become a leading hub for international cryptocurrency investors, businesses, and possibly cryptocurrency miners.
America is emerging as a potential crypto realm
China’s crackdown on crypto firms affected the cryptocurrency industry. The country was previously dominated by more than 30% in the market. However, due to fiscal pressure and the local economy, countries like Argentina, Venezuela, and Mexico embrace digital currencies and such firms.
Moreover, following the steps of El Salvador, it seems that Latin America is emerging to take China’s position. Notably, the region is also home to at least two crypto unicorns. However, it will be interesting to see what giant steps will Paraguay take.
