Paraguay congressman rectifies statements about bitcoin-focused legislation

In a surprise twist, a Paraguay official changed course on the idea that the country was considering making bitcoin a legal tender, following the historic move done by its neighbor, El Salvador.

For a few days, news about this development created some sort of hype, but as it would turn out, the sentiment has now proven to be short-lived as Paraguay Congressman Carlos Rejala rectified the statement during a recent interview with Reuters.

“It is a bill of digital assets and it differs from that of El Salvador because they are taking it as a legal currency and in Paraguay, it will be impossible to do something like that,” said the congressman, putting an end to the idea that his country is on the verge of making its own inroads in legal bitcoin space.

Following El Salvador’s example

Last month, El Salvador legalized bitcoin as a legal tender, becoming the first and only country in the world to accept crypto in exchange for products and services rendered to citizens.

That did not stop there, as President Nayib Bukele urged fellow ministers from Latin America to have their own versions of a bitcoin bill.

Some countries heeded the leader’s call, as Colombia, Mexico and Paraguay voiced their own intentions of a Bitcoin and crypto law. However, Paraguay, as it turns out, can now be removed from the shortlist.

A 180-degree turn

The statements of Congressman Rejala are a complete reversal of what he has said for the past days on social media.

In one of his Twitter posts, the official even said, “This is Paraguay. July we legislate,” followed by #Bitcoin.

Instead, Rejala is set to present a crypto regulation bill on July 14, having confirmed of already making three drafts as of today.


Image courtesy of Cointelegraph News/YouTube

Micky is a news site and does not provide trading, investing, or other financial advice. By using this website, you affirm that you have read and agree to abide by our Terms and Conditions.
Micky readers - you can get a 10% discount on trading fees on FTX and Binance when you sign up using the links above.