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Paraguay will not legalize BTC as legal tender, Congressman confirms

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A Paraguayan government official recently said that Paraguay is preparing a Legislative for Bitcoin and is working with PayPal on a project that will help innovate the country, many have deduced from a similar move in nearby El Salvador to be another who legalize BTC as legal tender.

Carlitos Antonio Rejala Helman, a member of the National Assembly and a member of the Paraguayan Congress, made the statement in an interview with Reuters.


Latin America and BTC

El Salvador legalized the BTC last month and became the first and so far the only country in the world to legally accept the BTC for payments for products and services provided to citizens. President Nayib Bukele called on fellow Latin American ministers to come up with their own iterations of a possible BTC law that deviates from centralized state currencies and towards decentralized alternatives such as the BTC.

And the countries followed. In recent weeks, government officials from Colombia, Mexico and Paraguay have expressed their own intention to create a law on BTC and cryptocurrencies, which has been interpreted as legalizing the asset as legal tender in those countries due to the ongoing euphoria.

But Congressman Carlitos Rejala said: “It is a law on digital assets and it differs from that in El Salvador because it is taken as a legal currency and in Paraguay it will not be possible to do such a thing” and thus suppressed rumors that the country will legalize BTC.

Paraguay will not legalize BTC as legal tender

The statement appears to be a reversal of nearly 180 degrees from a tweet in the middle of this month, which came in response to a tweet from Paraguay Entertainment Group, the country’s largest entertainment company, said it would receive BTC, ETH, Shiba Inu and Chiliz from next month. .

“This is Paraguay. We are issuing laws in July! #BTC. “

Rejala leads a political party with only four seats in Congress. He intends to present a law on the regulation of cryptocurrencies on July 14, and to date has confirmed work on three concepts.

“We want to work with regulators and banks so that Paraguayans or foreigners can work with these assets legally, because we know that illegal transactions exist in our country and in other countries,” he said, adding that Paraguay wanted to be a “cryptocurrency-friendly country.”

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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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