• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Sunday, June 22, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto Bitcoin

Paraguay might be the next country to adopt Bitcoin as its official currency

by Baisakhi Mishra
September 19, 2021
in Bitcoin, Crypto, News
Reading Time: 3 mins read
0
Paraguay to adopt Bitcoin as the official currency.

Image Source: Euro News

TwitterWhatsappLinkedin

The acceptance of Bitcoin as an official tender in El Salvador earlier this month sparked national ambitions across Central and South America. In Paraguay, a congressman named Carlitos Rejala sparked excitement among Bitcoin fans when he recently stated that if he gets elected as the President in 2023,  Paraguay will adopt Bitcoin as the ”official currency”.

You might also like

Arizona Legislature Revives Bitcoin Reserve Bill for Seized Crypto

Texas Charts Bold Financial Course with First Ever Publicly Funded Bitcoin Reserve

All cryptocurrency holders can earn $5,625 per day, GMO Miner makes this a reality.

Si nos jugamos a la Presidencia en el 2023!#bitcoin cómo moneda oficial y listo!

If we run for the presidency in 2023#bitcoin as official currency!

— Carlitos Rejala 🙏🇵🇾🙌 (@carlitosrejala) September 17, 2021

Carlitos Rejala, Paraguay’s Deputy has always been a Bitcoin Fan

Image Source: https://www.sanlorenzopy.com/

This wasn’t the first time Rejala had expressed his enthusiasm for the king coin. Earlier in June, Paraguay’s Deputy, Carlos Antonio Rejala Helman, revealed that the country is preparing to cooperate on a critical initiative involving bitcoin and PayPal. “As I have stated, our country must progress hand in hand with the new generation”.

Como ya lo decía hace un buen tiempo, nuestro país necesita avanzar de la mano de la nueva generación.
Llegó el momento, nuestro momento.
Esta semana empezamos con un proyecto importante para innovar a Paraguay frente al mundo!

El verdadero to the moon 🚀#btc & #paypal pic.twitter.com/ZMRJgAIxgO

— Carlitos Rejala 🙏🇵🇾🙌 (@carlitosrejala) June 7, 2021

Thank you very much 🙏🇵🇾🙌 @BitcoinMagazine 😍🚀 #Bitcoin #etherium #eth https://t.co/DOXkF66Cvu

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

The much-anticipated bill tilted more towards crypto regulation. Article 14 says in a translated version, “The Virtual Assets trading entities must inform the acquirer of the trading conditions with Virtual Assets, expressly notifying that the virtual assets are not recognized as legal tender, therefore, they are not backed by the Central Bank of Paraguay.”

Rajala’s most recent vow suggested he was still optimistic about Bitcoin and willing to declaring it legal tender if he were to get power. It’s worth noting that since 1944, Paraguay’s national currency, the Paraguay Guarani (PYG), has battled inflation. Even though people in some nations suffering from inflation have turned to Bitcoin, this did not appear to be the case in Paraguay.

When compared to other Latin American countries, Paraguay had a very minuscule number of money transactions in the last two years, according to a Useful Tulips compilation based on data from Paxful and LocalBitcoins – P2P exchanges. Its historical volume was $1,836 on September 2nd, while Venezuela’s worth was $1,795,366.

Paraguay is known for The Itaipú and Yacyretá hydroelectric dams. Crypto miners have demonstrated interest in the country’s renewable energy sources as a result of this. Bitfarm Ltd., a Bitcoin mining firm, has announced the signing of a five-year lease in Paraguay to obtain green hydroelectric power at a cheap rate.

“The new Paraguay facility will be used to house approximately 3,000 used miners capable of 150 Petahash per second and is anticipated to be fully operational by December 2021. If the site were fully operational today it would be producing Bitcoin at a cost of approximately US$7,850 per coin.”

However, the country is presently grappling with serious environmental challenges, including recent wildfires and extreme heat, both of which have wreaked havoc.

Paraguay believes that it can become a crypto hub since it has cheap renewable energy. Several stakeholders are collaborating with Rejala on measures that can help Paraguay become a Bitcoin hub. Despite this, there are still concerns about bitcoin mining and its influence on the environment.

If you find this article informative then do share it with your friends and family!

Also read: Algorand (ALGO) is down 9% today after Skybridge raised $100M

Tags: #Carlitos RejalabitcoincryptocurrencyParaguay
Tweet54SendShare15
Previous Post

Samsung Galaxy A52S 5G will be the cheapest phone featuring Wi-Fi 6 support

Next Post

Telegram has blocked chat bots by Navalny during voting

Baisakhi Mishra

Recommended For You

Arizona Legislature Revives Bitcoin Reserve Bill for Seized Crypto

by Anindya Paul
June 22, 2025
0
Arizona

The Arizona Senate has revived the campaign to create a formal reserve of cryptocurrencies seized by state agencies. On 19 June 20225, lawmakers passed House Bill 2324 (HB...

Read more

Texas Charts Bold Financial Course with First Ever Publicly Funded Bitcoin Reserve

by Anindya Paul
June 22, 2025
0
Texas Bitcoin

Texas has taken a significant leap towards redefining public finance by carving out the country’s first stand alone, publicly funded Bitcoin reserve, signing Senate Bill 21 (SB 21) into...

Read more

All cryptocurrency holders can earn $5,625 per day, GMO Miner makes this a reality.

by Techstory
June 22, 2025
0
All cryptocurrency holders can earn $5,625 per day, GMO Miner makes this a reality.

In 2025, cryptocurrency cloud mining has become the focus of media attention, sparking a strong interest in the public's way to obtain digital assets. Traditional mining often requires...

Read more
Next Post
Telegram

Telegram has blocked chat bots by Navalny during voting

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?