Paraguay introduce their first ever Bitcoin Legislation! Is it a Disappointment?

Cryptocurrency and its inherent form of being are opposite to that of government-regulated currencies. However, with more people joining the bandwagon, governments realize it’s their true worth. It’s better to stand with a revolution rather than standing against it. Paraguay, a small Latin American country, will be introducing a bill regarding the handling of digital currency and assets very soon. This legislation is gaining attention & excitement as the “Bitcoin Bill of 2021”.

These events are in the wake of El Salvador’s decision to make Bitcoin legal tender in June 2021.

What’s the significance of Paraguay’s new legislation?

Normally, how much do you expect a country like Paraguay to be in the global spotlight? Not much, Right? Well, that’s what innovation and vision can do for a country. While economic giants keep trying to curb the rise of the digital currency ecosystem, smaller countries step up.

A Paraguayan congressman, Carlitos Rejala, on the 10th of July sent out some tweets which indicate strong will towards crypto. While the details seem to be murkier than most thought, it’s a good step nevertheless with the conversation-starting up.

I am here to unite Paraguay 🇵🇾, that is why we decided with Senator @FSilvaFacetti to present together the bill #bitcoin on Wednesday, July 14!
Stay tuned since there will be a mega surprise for Paraguay and the world. Something GIANT is coming 🌍#Bitcoin #btc

— Carlitos Rejala 🙏🇵🇾🙌 (@carlitosrejala) July 9, 2021

Why do some people doubt the practicality of the legislation in Paraguay?

On the 14th of July, Paraguayans and enthusiasts all over the globe were taken aback when reports about the actual bill emerged. The leaks regarding the draft seem to point out that there is no mention of Bitcoin in particular or any cryptocurrency for that matter.

Not only is it not very crypto-friendly, but it might also be just opposite to what the advertisement was all about. An argument can be made that the reports that the hype wasn’t worth it at all. The bill requires every crypto platform to register with its Undersecretariat of State Taxation system. Also, the registration section won’t be very free or flexible with the “obligated subjects” tag.

How do some people still think this bill does what it set out to do?

While there’s a lot of negativity over social media, some people remain optimistic about the bill’s prospects. The primary backer of the project is the aforementioned congressman Carlitos Rejala. He points out that this bill is only the start of a massive journey ahead, even if the start isn’t what some people expected.

Gradual progress is normal as countries following El Salvador don’t want to face the same issues as them. The ambitious plans are to convert Paraguay into the hub of cryptocurrency in the region and investors from all over the globe.

Also, check out: FRANCE DEMANDS UNIFORM CRYPTOCURRENCY REGULATIONS IN THE EU.