Paraguay to Introduce Bill to Legalise Bitcoin

Paraguay could become the next country after El Salvador to recognise Bitcoin as legal tender. The bill will be presented in the country’s parliament on July 14, said congressman Carlitos Rejala (Carlitos Rejala).

The bill will be presented on July 14. 🙏🇵🇾🙌 #btchttps://t.co/l8GZ7UaYK9

— Carlitos Rejala 🙏🇵🇾🙌 (@carlitosrejala) June 19, 2021

A congressman, in an interview with Cointelegraph Español, said the initiative has found support among ‘a number of very important enterprises in Paraguay’.

“This bill will contain a few surprises. […] I think it will be extremely significant and important for the crypto world,” added Rejala.

The congressman previously drew potential investors’ attention to the country’s low taxes, a young labour market, and access to renewable energy sources. On the border of Paraguay and Brazil lies one of the world’s largest hydroelectric plants, Itaipú.

Entrepreneurs and investors looking at Paraguay for the first time, can you imagine investing your capital in a financially fertile country? pic.twitter.com/N3WaFjbuUJ

— Carlitos Rejala 🙏🇵🇾🙌 (@carlitosrejala) June 18, 2021

On June 22, Paraguayan Universidad Americana announced that it would begin accepting cryptocurrency as a means of payment.

From August 1 you can pay all your installments with ✨ CRYPTOCURRENCIES ✨

We take an important step toward innovation 🚀#UniversidadAmericana pic.twitter.com/zEhVQhX8iT

— Universidad Americana (@uamericana) June 22, 2021

According to CoinDesk, from August 2021 the university will add support for Bitcoin, Ethereum and the XRP token.

“The objective is to broaden cryptocurrency adoption and move to more efficient payment channels,” explained Camilo Jiménez Aguero, head of the organization.

As of writing, digital gold is trading at $34,480 (Bitstamp). In the last 24 hours the asset rose 4.1%, according to CoinGecko.

Earlier in June El Salvador’s authorities adopted a bill recognizing Bitcoin as legal tender. The opposition called the legalization of the first cryptocurrency unconstitutional.

JPMorgan doubted that the move would bring tangible economic benefits to the Central American country. Johns Hopkins University professor Steve Hanke said that the adoption of the first cryptocurrency could crash the economy.

ForkLog experts concluded that this could equally spur both capital inflows into El Salvador and capital outflows.

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