Paraguay to legislate Bitcoin in July, government official reveals

  • Paraguay’s Carlos Antonio Rejala reveals Bitcoin will be legislated in July.
  • Gabriel Silva, a Panamanian congressman has disclosed that a bill will be submitted to the assembly in a bid to not be left behind.

Recently, Paraguay disclosed that it would soon launch a big project that will feature Bitcoin and PayPal. The announcement followed the report that El Salvador had declared Bitcoin a legal tender after the country’s president Nayib Bukele showed big support for the asset in the Bitcoin 2021 conference and through a series of recent tweets. 

The revelation came in reply to a post that Grupo Cinco, one of the largest entertainment groups in Paraguay plans to accept Bitcoin, Ether, Shiba Inu, and Chiliz starting next month. Deputy of the Nation, Carlos Antonio Rejala Helman hinted that Paraguay will legislate Bitcoin in July. He also hinted that they will utilize hydroelectric power through Bitcoin.

Let’s look forward to a bright and prosperous future utilizing our hydroelectric energy resources by investing in cutting-edge technology. 

This announcement has been well received by the crypto community with comments commending their bold decision streaming in.

In response to the steps taken by El Salvador and Paraguay towards crypto adoption, Gabriel Silva, a Panamanian congressman has disclosed that a bill would be submitted to the assembly in a bid not to be left behind. According to him, accepting cryptocurrencies can accelerate their plan of becoming a technological and entrepreneurial hub. 

El Salvador Challenges China

The president of El Salvador has encouraged miners to utilize its volcanic thermal energy to mine Bitcoin. As part of his plans, he called on crypto organizations to open offices in the country to benefit from easily acquired permanent residence permits and less paperwork to operate. The president noted:

The purpose of this law is to regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out.

The recognition of Bitcoin as a legal tender comes in a period where countries like China have intensified Bitcoin crackdowns. The Asian country recently ensured that crypto exchanges like Binance are removed from its biggest search engine and social media platforms. Its primary concern is energy consumption. El Salvador despite not been a large economy like China has embraced Bitcoin and found an innovative and green source of energy that can be used to mine Bitcoin.

About Author

John's a cryptocurrency and blockchain writer and researcher with years of experience. He has a lot of interest in emerging startups, tokens, and the invisible forces of demand and supply. He holds a Bachelor's degree in Geography and Economics. My Email: (kojokumijohn@gmail.com)

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