After El Salvador made Bitcoin a legal entity, reports about Paraguay legalizing Bitcoin came out. This had many excited and crypto enthusiasts were waiting for the legal announcement. But now, a congressman made it very clear that there is nothing as such happening. This means that El Salvador still remains the only country that has accepted BTC. But yes, there are a lot of other countries that are interested and soon legislate the same.
Bitcoin in countries
Bitcoin is non-inflationary, which makes it so attractive to small countries with highly inflationary currencies. Most of their citizens also have no access to banks and hence lack basic financial inclusion. Bitcoin can help change that by preserving the value of their money and help them make online payments, send money electronically to friends and family and more.
After El Salvador made BTC legal other countries like Columbia, Mexico, and Paraguay have shown some interest in the same. Paraguay has already backed out among these, so we are left with the other two that might go with BTC in the near future. Another important thing to note here is that Paraguay did pass a bill, but that was for digital assets and not for making Bitcoin a currency.
The goal
Ultimately the idea is to make Bitcoin an acceptable currency globally. People have already started to treat it as an asset and preferring it over gold. And very soon, it could become a replacement to the fiat. It is going to be difficult but not impossible. In fact, the Bitcoin lightning network with instant payments and almost no fees can make that actually very possible. We should also understand that this is the first phase for Bitcoin, and from here, there is no downside. As of now, it roughly has the same number of users as the internet had when it began.
What are your thoughts on Paraguay backing down from legalizing Bitcoin? And do you think Mexico and Columbia will make it a legal tender? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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