16 August, 2022

Paraguay follows in the footsteps of El Salvador and wants to convert bitcoin into legal tender

Editorial Dept. Voz de la Diaspora

Paraguay – The Senate has in its hands a bill to become the second country to facilitate transactions with bictoin, after El Salvador.

A week ago the Senate began the discussion that has been pending for several months and that could also open its hydroelectric capacity to the cryptocurrency industry. The project was developed by a group of miners in alliance with Congressman Carlos Rejada, who started pushing the idea around the same time as Nayib Bukele.

The deputy leads the minority party Hagamos and sparked international interest when he promised that the bill would contain surprises related to bitcoin..

When the project materialized, Most analysts expected it to be like El Salvador's Bitcoin Law, but they were disappointed, since the document proposed the regulation of the cryptocurrency industry along very conservative lines.

The project deepens the possibility of bitcoin becoming an official currency in the country. The quote; but nevertheless, remains low and sits below the 50 thousand dollars and see his recovery difficult.

"The purpose of this bill is to establish legal certainty, financial and fiscal in the businesses derived from the production and commercialization of virtual assets ", indicates the document.