Global Crypto News

Paraguay to Follow El Savador’s Example in Making Bitcoin Legal

Carlitos Rejala, Paraguay’s National Deputy, has previously stated that the country plans to legalize Bitcoin starting next month. ​After El Salvador recognized BTC as legal tender, politicians from a few other Latin American countries have also shown similar interest. So far, Paraguay, Brazil, Panama, Argentina, and Mexico are on the list of potentials to legalize the crypto coin. These decisions mean an incredible boost for the field, but the road to mass adoption will not be even.

Paraguay to Debate Bitcoin Adoption Next Month

Buy Property with Cryptocurrency

Since February 2021, the use of ‘laser eyes’ has increased in popularity to show support for the crypto coin. The meme’s origin is unclear, but it’s part of a trend to get Bitcoin’s price to $100,000. 

A few politicians from the countries mentioned earlier have added red laser eyes to their social media pictures, including Paraguay’s National Deputy Carlitos Rejala. When news of El Salvador’s regulation of Bitcoin was revealed earlier this month, Rejala posted a message suggesting the importance of adopting technology innovations.

He also said that his country is working on a project involving BTC and PayPal to embrace the trend: “As I was saying a long time ago, our country needs to advance hand in hand with the new generation. The moment has come, our moment. This week we start with an important project to innovate Paraguay in front of the world! The real one to the moon #btc &#paypal.”

On Thursday, Rejala shared on Twitter that he wants to introduce BTC legislation starting next month. The details of what this means are mainly unknown, but observers expect Paraguay to imitate El Salvador’s legal tender law.

After Bitcoin earned parallel currency status in the Latin American country, the World Bank and the IMF have shown their disapproval.

​”Adoption of bitcoin as legal tender raises a number of macroeconomic, financial, and legal issues that require very careful analysis,” said an IMF spokesperson, adding that the regulation meddles with El Salvador’s loan application. President Bukele applied for $1 billion financial help from the bank to stop budget shortfalls due to the pandemic.

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