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Bitcoin bill to be presented in Paraguay congress on Wednesday

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TL;DR Breakdown

  • Paraguay congress set to hear Bill on making Bitcoin a legal tender
  • Paraguay to leverage on digital assets to aid innovation
  • Bitcoin bill may propose Paraguay should make crypto a legal tender

Paraguay are in line to follow the footstep of El Salvador as two Paraguayan legislators has said he would present Bitcoin bill on July 14 to the congress.

El Salvador, the small Latin American state created history in June after it became the first country to pass Bitcoin as a legal tender. Paraguay may be next in line to adopt the digital asset as a currency.

Both lawmakers, Carlitos Rejala and Senator Fernando Silva Facetti underscored the urgency in formulating a coherent digital asset strategy for Paraguay.

“I am here to unite Paraguay,” Rejala tweeted on Friday, adding that he and his fellow lawmaker are planning a “mega surprise for Paraguay and the world.”

In his tweet, he did not mention the contents of the bill, however, certain lawmakers in the country are said to want Paraguay follow El Salvador’s lead in making Bitcoin a legal tender.

Rejala has previously said on Twitter that Paraguay would eventually leverage on digital assets to aid innovation in the country before the world.

Previously also, Paraguay has denied following in the footsteps of El Salvador noting that they are only concerned about how they can regulate crypto in their country. However, reports about discussing a Bitcoin Bill is a welcomed development.

Predicted contents in Rejala’s Bitcoin Bill

Predicting from his previous comments, it is safe to speculate that the forthcoming Bitcoin bill will introduce how Paraguay can become a leading center for foreign cryptocurrency investors, businesses and perhaps even Bitcoin miners. This is where provisions to accept Bitcoin as legal tender come in play in the Bitcoin bill.

Latin America as a continent is emerging as one place that can be described as the capital of cryptocurrency. Largely, this is because of local economic and fiscal pressures especially in countries like Argentina, Venezuela and Mexico.

Currently, at least two cryptocurrency unicorns, are located in Latin America.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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