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Paraguay the next country to embrace Bitcoin?

21 Jun 2021 : 12:47
2 min read
  • Paraguay seems to be the next country that will embrace Bitcoin
  • A lawmaker is preparing a bill to legalize the use of cryptocurrencies as a means of payment
  • The plan is to make Paraguay a hub for crypto investors, working together with the community and businesses

Following El Salvador passing a bill making Bitcoin legal tender, a congressman in Paraguay announced that he is working on Bitcoin legislation which will be presented to the congress next month.

Deputy Carlos Antonio Rejala Helman of the Hagamos Party has called for Paraguay to take similar steps as  El Salvador regarding Bitcoin. The congressman also changed his Twitter profile picture to him with photoshopped laser eyes, just as other South American politicians did to show their support for the digital currency.

According, to the local newspaper, La Nacion, the congressman is preparing a bill to legalize the use of cryptocurrencies as a means of payment in Paraguay. The bill will establish that any transaction within the national territory can be carried out with Bitcoin. The state will be responsible for promoting the use of the payment method and training the different sectors so that they are able to accept this form of payment.

A collaboration to make Paraguay a hub for crypto investors

The congressman explained earlier this month that he is working together with the CEO of Juanjo Benitez Rickmann and the Paraguayan crypto community to make Paraguay a hub for crypto investors

Rickmann confirmed that he is working with the congressman to introduce a project that will make Paraguay a crypto-friendly country for crypto investors, taking advantage of the renewable and low-cost energy of hydroelectricity

A major entertainment group announced to accept cryptocurrencies

A major entertainment group in the country, Grupo Cinco, announced last week that all of its 24 business units now accept the cryptocurrencies Bitcoin, Ethereum, Shiba Inu and Chiliz. In addition, Universidad Comunera (UCOM), a private university in Asunción, Paraguay, now accepts Bitcoin as form of payment for its students.

About Author

Stan Colenbrander

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Stan is the head of news and podcast host at Cryptonary. He was formerly a member of the Cryptonary Pro community. In early 2021, he decided to drop out of journalism school at university to pursue journalism in real life and make an impact in the crypto space. . His areas of interest include the NFT industry, decentralised finance, and crypto start-ups.

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