Paraguay is preparing to announce a bill that would support Bitcoin, which would happen just several weeks after El Salvador made the cryptocurrency its legal tender.
Because of Paraguay’s declining economy and the wide-reaching effects of dollar printing in the United States, the country is planning to use Bitcoin as a “cushion” to minimize the hard impacts of these challenges.
With Paraguay’s upcoming announcement, it is expected to be one of the first nations to legalize the nationwide use of the crypto.
Carlitos Antonio Rejala Helman, a member of Congress in Paraguay, said in his tweet: “This is Paraguay. In July we legislate.”
The next Bitcoin home
It was said that the country’s largest entertainment company, Paraguay Entertainment Group, will start accepting Bitcoin, Dogecoin, and Ethereum next month, but Helman declined to comment about this matter.
What he confirmed was that the government is now closely working with Paypal to develop a project related to Bitcoin.
Helman also added that the government and citizens of Paraguay must cooperate with each other to bring the country forward. According to him, the country’s much-needed progress would start in the upcoming Bitcoin legislation.
Bitcoin scenes in other countries
Recently, El Salvador has grabbed the global headlines with its decision to make Bitcoin a legal tender, the first country in the world to do so.
And apart from Paraguay, countries such as Mexico, Panama, Argentina, Columbia, and Brazil are all preparing various initiatives and to support Bitcoin on a massive scale. More nations are expected to follow this direction.
While other countries are laying the groundwork for Bitcoin adoptions, others — most notably China — are doing the opposite by initiating crackdowns on any crypto-related operations.
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