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BTC bill to be presented in Paraguay congress on Wednesday

2 min read

TL;DR Breakdown

  • Paraguay congress set to hear Bill on making BTC a legal tender
  • Paraguay to leverage on digital assets to aid innovation
  • BTC 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 BTC 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 BTC 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 content of the bill, however, certain lawmakers in the country are said to want Paraguay follow El Salvador’s lead in making BTC 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 BTC Bill is a welcomed development.

Predicted contents in Rejala’s BTC Bill

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

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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