Paraguay Officials Are Planning Bitcoin (BTC) Legislation Next Month
Hot on the heels of El Salvador’s success pertaining to legalizing Bitcoin (BTC), it now looks as if Paraguay will be the next one to follow in President Nayib Bukele’s footsteps as Carlitos Antonio Rejala Helman looks towards creating a bill that could potentially legalize BTC in his own country before long.
Carlitos is a current member of Paraguay’s Congress and a well-renowned Deputy of the Country, and he had made his intentions somewhat clear after he had added ‘laser eyes’ to his own Twitter profile shortly after Bitcoin was made legal tender in El Salvador, not too long ago, with others from various countries quickly following suit as well. Carlitos is set on presenting a bill next month which will discuss the possibility of legalizing Bitcoin in Paraguay with all of the members of the nation’s Congress.
July could be the target for legislation
Carlitos had stated via Twitter earlier today that he has plans of introducing new legislative laws regarding cryptocurrencies and Bitcoin itself as soon as July, before adding that ‘this is Paraguay and we will legislate next month.’ He had initially provided some clues about whether his country shall be legalizing Bitcoin or not earlier on in June, which was when he had implied that Paraguay should be working alongside both Bitcoin as well as PayPal to work on a collaborative project. PayPal had also revealed that it is fully supportive of cryptocurrencies, as the payment processing company added various altcoins in addition to BTC to its list of available services for its respective clients and users.
As things stand now, there have not been many details shared about the aforementioned collaborative project. Carlitos has nevertheless suggested that the actions recently taken by El Salvador’s President will most likely end up influencing his own plans for the foreseeable future. If the Bitcoin legislation comes to pass, then BTC transactions may very well become increasingly commonplace.
Paraguay experiencing a rise in crypto developments
Grupo Cinco, a key entertainment company in Paraguay, has plans of accepting crypto as soon as next month. As of now, the tokens to be added are BTC, ETH, SHIB, and CHZ. The company works alongside those institutions that specialize in providing services for the nightlife industry in the country.
Carlitos is supportive of Grupo Cinco’s initiative and believes that the nation’s youth are indeed a powerful ally to the crypto cause. He concluded by saying that with the right amount of help and support, Paraguay may soon be able to make an unprecedented leap forward.
