El Salvador, the small Latin American state created history in June after it became the first country to pass Bitcoin as a legal tender. The Bitcoin Bill was passed by the country’s congress with a resounding majority and the President assured the decision was no gimmick. Now El Salvador could be joined by another Latin American nation in its quest to make Bitcoin a legal tender.
Paraguay, another small central American nation is all set to introduce a Bitcoin bill this coming Wednesday. Carlitos Rejala, the deputy of Paraguay has hinted at a possible big incoming news on July 14 regarding Bitcoin introduction of a Bitcoin Bill in the Paraguayan parliament by senator Fernando Silva Facetti.
I am here to unite Paraguay 🇵🇾, that is why we decided with Senator @FSilvaFacetti to present together the bill #bitcoin on Wednesday, July 14!
Stay tuned since there will be a mega surprise for Paraguay and the world. Something GIANT is coming 🌍#Bitcoin #btc
— Carlitos Rejala 🙏🇵🇾🙌 (@carlitosrejala) July 9, 2021
Paraguay had earlier denied that they would be following in the footsteps of El Salvador and their only focus at present is on regulating the Bitcoin market rather than making it a legal tender. However, the recent comments from the deputy have sparked debate about a possible Bitcoin legal tender bill again.
How feasible it is for Paraguay to follow El Salvador
El Salvador president Nayib Bukele had made it clear that the decision on Bitcoin was well thought out and was made to offer financial freedom to more than 70% of the unbanked population in the country. Over the past month after making BTC the legal tender President Bukele also announced a national Bitcoin wallet program offering $30 in free BTC to every adult citizen. Apart from a national wallet program, Salvador is also working on clean Bitcoin mining using its geothermal plants.
Paraguay might follow in the footsteps of Salvador, but at the same time they must be ready to face the ire of international organizations such as the World Bank and IMF who have not just refused to help Salvador in implementing Bitcoin as legal tender, even condemned their step citing Bitcoin’s volatile nature.
Latin America is a hub for small nations such as El Salvador, Paraguay, Argentina, and few others who are going through high inflation and lack of banking facilities, forcing them to look for alternatives.
- Breaking: Polygon, Major Blockchains Hit With Network Attack
- New Crypto Rules In Europe: A Global Standard For Regulation?
- Third Biggest Whale Adds 1,416 Bitcoins In Last 2 Days; Will This Pump BTC?
- ‘Big Short’ Michael Burry Says Bitcoin Crash Is Only Halfway Through
- These Whales Scoop $850 mln Worth FTX Tokens Ahead Of BlockFi Deal
- Breaking: El Salvador Buys 80 Bitcoin (BTC), Here’s How Prices Reacted
- U.S. DoJ Slaps Charges Against Promoters of Baller Ape Club NFT In Rug Pull Scam
- Canada-based Ledn Challenges FTX’s Bid of BlockFi Acquisition With Better Proposal
- Just In: Basel Committee Proposes Cap For Banks’ Bitcoin Holding
- Dogecoin (DOGE), Shiba Inu (SHIB) Show Strength, Here’s Why
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?