After El Salvador’s historic decision to recognize Bitcoin as legal cash, this is a first in the world, and the Internet is flooded with reports that another Latin American country, Paraguay, may be following in El Salvador’s footsteps. These may be a bit too much. Reuters reported on Friday that Paraguayan lawmaker Carlos Rajala inadvertently triggered a cryptocurrency boom in a tweet in early June. It also supports a measure to regulate cryptocurrencies instead of declaring them legal cash. Contrary to El Salvador, “This is a digital asset law,” said Rajara, a centrist politician. “It is different from El Salvador’s law because they accept it as a legal currency, but it is difficult to implement such things in Paraguay.”
Rajara posted a report on Twitter in early June about a local entertainment company intending to accept Bitcoin. He said: “This is a country in Paraguay. In order to pass his measures to manage digital assets, this 36 The year-old leader of the small party has only four seats in Congress and is now seeking support from members of the public. In Paraguay, Rajara said that although his party does not have a majority in Congress, members of other parties are very interested in his ideas. Interested. In addition, he said, “We hope that the authorities and banks will get involved so that Paraguayans or foreigners can use these assets legally, because we know that illegal transactions take place here and in other countries. “Our goal is to build a country that is friendly to cryptocurrencies. “
As El Salvador made a historic decision earlier this month to recognize Bitcoin as the official currency, another domino in Latin America appears to be about to collapse. According to his tweet, he plans to introduce legislation in the country’s National Assembly in July, which is likely to be similar to El Salvador’s new cryptocurrency legislation.If you are looking for different questions about Bitcoin to learn, please visit https:/ethereumcode.app
It will also try to establish Bitcoin as legal cash and provide measures to make Paraguay an attractive destination for international cryptocurrency investors. According to Rejala, the proposed law will be announced on July 14 and will take effect on August 1. Rajala teased us with information on his social media site, which led us to obtain the information so far.
Bitcoin’s center of gravity
In announcing plans to cooperate with the “Paraguayan crypto community” on June 7, Rajala stated that his goal is to make the country “a hub for global crypto investors.” Therefore, it is placed at the forefront of digital technology. Due to the use of energy-intensive computer farms to mine Bitcoin, environmentalists have widely criticized Bitcoin, which has led to strong opposition to it.
In a series of tweets, Rajara also emphasized that the availability of renewable energy is a key factor in attracting foreign investment to Paraguay. Hydropower facilities provide approximately 100% of the country’s electricity needs, and nearly 90% of the country’s energy production is exported to neighboring Brazil and Argentina. In any case, one thing is certain: Paraguay will develop, discuss and pass any legislation slower than El Salvador. Although Bookler obtained permission from Bookler on Twitter and is determined to follow his example, Rajara’s draft law will not be submitted to Paraguayan legislators for more than a month.
A major stumbling block for Rajara is whether his colleagues and legislators from different political parties can reach a broad consensus on the plan. He is a member of the Hagamos Party, which has only two members in the 80-seat House of Representatives, and he represents the party. It is not certain whether Rejala will gain wider support in the main party building. They are spread across most parts of Latin America-the use of these digital currencies is increasing, thanks to the recent announcement by a large number of companies to use cryptocurrencies as a payment method.
Recently, Grupo Cinco, an important entertainment holding company based in Paraguay, announced that starting from July 24, its company will use cryptocurrencies such as Bitcoin and Ethereum instead of traditional payment methods such as credit cards and checks. Rajala said in an interview with La Nación on Friday that he is proud of the fact that so many Paraguayan companies are now adopting cryptocurrencies.