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Paraguay welcomes bitcoin, New Legislation will be introduced in July

Carlitos Rejala

Following the footsteps of the Salvadoran President, Paraguay finally opened arms for bitcoin. Last week, Carlos Antonio Rejala Helman, the Deputy of Paraguay announced that the nation is planning to work on a crucial project related to bitcoin and PayPal. “As I said a long time ago, our country needs to move forward hand in hand with the new generation. The time has come, our moment. This week we started with an important project to innovate Paraguay in front of the world! The Real to the Moon #btc & #PayPal”, Rejala Helman tweeted on June 7th.

After this hint from the Paraguayan official himself, the crypto industry was waiting for a significant announcement around the cryptocurrency legislation. This wait came to an end in the wink of an eye. On Friday, Rejala Helman confirmed that the country will announce the new rule around cryptocurrency in July. It can be said that the decision of the Paraguayan Deputy and the Nation is somewhere influenced by the adoption of the cryptocurrency in El Salvador. Not only Paraguay but the Central American country, Panama is also expected to follow the path led by Nayib Bukele.

Rejala Helman is a member of the Paraguayan Congress and also the Deputy of the Nation, He announced that he is planning to introduce a bitcoin bill in July. In his recent tweet, Rejala Helman stated that “This is Paraguay, July we legislate! #Bitcoin”.

Seems like no American country wants to trail behind in the race of adopting the cryptocurrency as Panamanian Congressman, Gabriel Silva also recently announced to adopt bitcoin as legal tender in the country and stated that he believes “Panama should not trail other nations in America that have legalized the bitcoin”. This quick spread of bitcoin in the American countries is a piece of good news for crypto supporters. Meanwhile, The Salvadoran leader is taking more steps to support the cryptocurrency and hence, urged the bitcoin miners to use the thermal energy of the volcanoes in the country rather than using fossil fuels to save the environment.

The decision of legalizing bitcoin in Paraguay is receiving immense appreciation on Twitter by the crypto supporters and to show support, Grupo Cinco, which is one of the biggest entertainment companies in Paraguay is planning to accept Bitcoin as payment and also the other cryptocurrencies.

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