Paraguay begins legislation for Bitcoin adoption like El Salvador – Following El Salvador’s decision to accept Bitcoin as legal tender in June this year, Paraguay is next in line to introduce new crypto-focused legislation as it appears El Salvador’s decision is influencing lawmakers across the region to begin exploring their own cryptocurrency strategy.
Financial Watch gathered Paraguayan Congressman Carlitos Rejala and Senator Fernando Silva Facetti are planning to introduce a Bitcoin (BTC) bill to Congress on Wednesday, July 14, underscoring the lawmakers’ urgency in formulating a coherent digital asset strategy for their country.
“I am here to unite Paraguay,” Rejala tweeted Friday, adding that he and his fellow lawmaker are planning a “mega surprise for Paraguay and the world.”
Although Rejala didn’t specify what the bill would entail, some lawmakers in the country want to follow El Salvador’s lead in making Bitcoin legal tender. On June 6, Rejala informed his more than 50,000 Twitter followers that digital assets would be connected to “an important project to innovate Paraguay in front of the world.”
Based on Rejala’s previous statements, the forthcoming bill will introduce measures to make Paraguay a leading center for foreign cryptocurrency investors, businesses and perhaps even Bitcoin miners. Potentially, this will include provisions to accept BTC as legal tender.
Like other Latin American lawmakers, Rejala added laser eyes to his profile picture on Twitter, a symbolic way of showing his bullish outlook on BTC.
Latin America has emerged as a potential hotbed for cryptocurrency adoption due to local economic and fiscal pressures, especially in countries like Argentina, Venezuela and Mexico. As Cointelegraph reported, Latin America is now home to at least two cryptocurrency unicorns, a term used in the venture capital industry to describe startups with a valuation of $1 billion or more.
2TM Group, the parent company behind Brazilian cryptocurrency exchange Mercado Bitcoin, recently completed a $200 million funding round with SoftBank, bringing its total valuation to an estimated $2.1 billion. Meanwhile, Mexican crypto exchange Bitso is valued at $2.1 billion after concluding a Series C funding round.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.