By Shelly Melancon (Switzerland)
Paraguayan lawmakers will discuss a Bitcoin bill this month as the first step towards adopting its first crypto regulation. Notably, its Latin American counterpart, El Salvador, seems to have set the pace for the region following a landmark decision to adopt Bitcoin as a legal tender last month. In view of this, Paraguay and Mexico indicated interest in toeing the line of El Salvador.
After El Salvador made history with its watershed decision, two Paraguayan legislators had come out to say they would push for a Bitcoin bill in Paraguay. Carlitos Rejala and Fernando Silva Facetti are living up to their plan back in June. Both lawmakers had changed their Twitter profile pictures to ones sporting the notable red laser eyes, which now stands for being pro-Bitcoin. Carlitos and Fernando will present a Bitcoin bill before the whole Paraguayan congress by next week.
Bitcoin Bill Will Expose Paraguay Before the World, Lawmaker Says
Lawmaker Rejala had announced the proposed move via a tweet on July 9. He started by saying ‘I am here to unite Paraguay,’ then announced the proposed presentation of the bill. Although it is not clear if the bill is similar to the one passed by the El Salvadoran Congress making Bitcoin a legal tender, back in June, Carlitos had noted that crypto assets would be linked to an important project, which would present Paraguay before the rest of the world. Recalling Rejala’s comments in June, the lawmaker had said the upcoming bill will introduce measures to make Paraguay partake in the cryptocurrency space.
Bitcoin to Help Latin American Region Fight Inflation
Interestingly, experts revealed one major reason some Latin American countries were looking to integrate Bitcoin and other cryptocurrencies into their financial systems. In El Salvador’s case, President Nayib Bukele said Bitcoin would make foreign remittance to the country easier; and also reduce the country’s reliance on the US Dollar. The Latin America has always contended with inflation and currency devaluation. Argentina has had to change its currency twice within five years.
While the positive reactions that greeted El Salvador’s Bitcoin adoption in June were mostly of crypto enthusiasts, skeptics and speculators expressed concerns for the decision saying the volatility of Bitcoin was a high risk. The International Monetary Fund (IMF) and the World Bank criticized the move and denied their support to the country.
Certainly, it won’t be long before Mexico and other countries within the region join El Salvador and Paraguay. Meanwhile, El Salvador is also setting up a Bitcoin wallet called ‘Chivo’ to encourage more adoption among El Salvadorans. According to President Bukele, every adult citizen that downloads the wallet will be eligible for an airdrop worth $30 in Bitcoin. El Salvador will be mining Bitcoin from its volcano wells.
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