Paraguay set to discuss plans to legalize bitcoin next month



Paraguay National Deputy Carlitos Rejala confirmed plans to discuss the formal legalization of bitcoin in their country next month are already in place.

This follows El Salvador’s progressive step of recognizing the largest cryptocurrency by market capitalization as a legal tender. In fact, politicians from other Latin American nations have also sent signals for a similar intent.

Aside from Paraguay, countries that are included on the list are Panama, Brazil, Mexico and Argentina. Some experts say this movement is a massive boost for cryptocurrencies in general. However, the road to mass adoption won’t be smooth, as evidenced by snubs from the IMF and the World Bank.

Indications were already there

Since February this year, the crypto Twitter witnessed the rise in popularity of the use of the “laser eyes” theme which is part of the push to drive bitcoin’s price all the way to $100,000.

A number of politicians from the above-mentioned countries have added the meme to their Twitter accounts, including Paraguay’s Carlitos Rejala.

But that wasn’t the only indication of the country’s intent to make the crypto legal on its soil. At the same time when news of El Salvador legalizing bitcoin started to hit the headlines, Rejala posted a message stating the importance of embracing technological innovations.

He even mentioned their country is working on a project that involves bitcoin and digital payments giant PayPal.

El Salvador encounters resistance

While El Salvador was successful in giving bitcoin a “parallel currency” status, both the IMF and the World Bank have expressed their disapproval on the country government’s decision.

In fact, a spokesperson from IMF said this development interferes with the$ 1 billion loan application of El Salvador to offset budget shortfalls that resulted from the effects of the current pandemic.

“Adoption of bitcoin as legal tender raises a number of macroeconomic, financial and legal issues that require very careful analysis,” the spokesperson said.


Image courtesy of Cointelegraph News/YouTube

Jet Encila

Published by
Jet Encila

Recent Posts

‘My Hero Academia: World Heroes’ Mission’: Special prequel manga sets up movie’s story

The release of My Hero Academia: World Heroes’ Mission is getting near and the franchise…

6 hours ago

‘My Hero Academia’ Season 5 Episode 19: The heartbreaking story of Kurogiri

The much-awaited villain-centric arc will finally begin in My Hero Academia Season 5 Episode 19…

6 hours ago

‘Tokyo Revengers’ Episode 18: The preparation for the all-out war

The war between the Toman gang and the Valhalla gang is nearly approaching in Tokyo…

6 hours ago