Paraguay Announces Intentions to Legalize Bitcoin

After Bitcoin became legal tender in El Salvador, several countries, including Paraguay, began to consider the possibility of a similar move.

June 21, 2021, | AtoZ MarketsParaguay is about to present a cryptocurrency bill. Undoubtedly, the country was inspired by Bitcoin adoption in El Salvador.

This South American country is struggling with a declining economy and the disastrous consequences of printing a US dollar. However, officials do have a plan to offset some of these side effects.

Paraguay may legalize Bitcoin in July

According to the national deputy of Paraguay Carlitos Rejala, next month, the MPs will discuss the possibility of full legalization of bitcoin in the country. He even posted an image with “laser eyes” on his Twitter account – a meme in support of Bitcoin.

According to Reiala, PayPal may participate in the Bitcoin legalization project:

We have been talking for a long time that our country needs to keep up with the times and with the new generation. The moment has come, our moment. This week we are launching a landmark innovation project in front of the world. BTC rate will take off to the moon along with PayPal ”.

Carlitos Antonio Rejala Helman, Nation MP and member of Congress in Paraguay also wrote on Twitter:

This is Paraguay. July we legislate.

The comment came in response to a tweet from Paraguay Entertainment Group, the country’s largest entertainment company, which announced it will be accepting Bitcoin, Ethereum, Shiba Inu, and Chiliz starting next month.

Helman did not provide any comment or additional information on this.

Latin American countries are adopting Bitcoin

With this move, Paraguay joins several other Latin American countries turning to Bitcoin. Earlier, Mexican senators, Panamanian officials, and other high-ranking officials from Brazil, Colombia, and Argentina had taken steps to rapidly adopt and integrate cryptocurrencies.

If you would like to learn more about the economic situation of Latin American countries and find out why they are in a hurry to adopt cryptocurrencies, we invite you to read our extensive column on this topic.

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