After El Salvador announced plans to make Bitcoin legal tender from September 2021 or possibly earlier, another country might follow. Paraguayan member of parliament Carlos Rejala tweeted (@carlitosrejala) posted his picture with laser eyes, a popular meme indicating Bitcoin maximalism.
His tweet claimed that Paraguay will legislate on Bitcoin in July. This would come as part of a movement from less developed countries to stabilize their financial systems. The idea also stems partially from the exchange rate of the Paraguayan guarani to the dollar.
https://twitter.com/carlitosrejala/status/1405582533144809476
Carlos Rejala, a Paraguayan Congressman is set to present a bill that will set favourable regulations for crypto mining and crypto exchange businesses that want to set up shop in the country.
36-year old Rejala had supported such regulations earlier in the week, after the El Salvador government announced plans to accept Bitcoin as legal tender in the country. “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!” Rejala said in a tweet on June 7 (translated from Spanish).
According to Coindesk, the Congressman has followed Bitcoin since 2017 and had also started trading in crypto in 2019. “The announcement prompted me not to be afraid and to think that this can be real in my country,” he told the publication, about introducing a bill in his own country after El Salvador announced its plans.
Opinion
If Paraguay follows El Salvador, other less developed countries could join this trend and boost bitcoin as a global currency in addition to a store of value. Bookkeeping and taxation might face confusion given that the US dollar is still the global standard, but the rise of a ‘bitcoin standard’ now seems increasingly possible.
Follow our socials Whatsapp, Facebook, Instagram, Twitter, and Google News.
