On Wednesday, Bitcoin bill to be presented in Paraguay Congress

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Two Paraguayan politicians have stated that they would propose a Bitcoin bill to the Congress on July 14th, following El Salvador‘s footsteps.

El Salvador, a small Latin American country, made history in June when it became the first to legalize Bitcoin as payment. Paraguay might be the following country to use cryptocurrency as a currency.

Carlitos Rejala and Senator Fernando Silva Facetti, both legislators, emphasized the importance of developing a comprehensive digital asset strategy for Paraguay.

On Friday, Rejala tweeted, “I am here to unite Paraguay,” adding that he and his partner legislator are plotting a big surprise for Paraguay and the rest of the globe.

Although he did not specify the bill’s text in his tweet, several politicians in Paraguay are reported to desire the country to follow El Salvador‘s lead and declare Bitcoin legal money.

Rejala previously stated on Twitter that Paraguay would ultimately use digital assets to help the country innovate before the rest of the globe.

Paraguay has previously denied following El Salvador‘s lead, claiming that their sole issue is how to govern cryptocurrency in their nation. Reports of a Bitcoin Bill being discussed, on the other hand, are a positive development.

Contents of Rejala’s Bitcoin Bill as predicted

Based on his past statements, it’s fair to assume that the next Bitcoin bill will outline how Paraguay may become a central hub for international cryptocurrency investors, businesses, and possibly Bitcoin miners. This is where the Bitcoin bill’s provisions for accepting Bitcoin as legal currency come into play.

Latin America as a continent is establishing itself as the bitcoin capital of the world. This is primarily due to domestic economic and fiscal constraints, particularly in Argentina, Venezuela, and Mexico.

At least two cryptocurrency unicorns can now be found in Latin America.

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