– Paraguay announced plans to accept Bitcoin after El Salvador move to adopt BTC as a legal tender.
– Large crypto mining companies in China have to seek alternatives after recent clampdowns.
– Crypto mining activities to consider cooler countries.
Paraguay became the second nation to consider pleasant regulations to favor cryptocurrency activities this week. According to CoinDesk reports, a Paraguayan Congressman, Carlos Rejala, plans to submit a bill for favorable crypto mining regulations and exchange platforms planning to establish a shop in the nation.
Keep in mind that Rejala has been supporting Bitcoin at the start of the week, following El Salvador’s announcement to accept BTC as a legal tender. On June 7, Rejala posted on Twitter, claiming that Paraguay needs to keep pace with each new generation. He further stated that it is time for the nation to establish its global presence.
CoinDesk reports suggest that the Paraguayan has been following the world’s best digital coin since 2017 and traded BTC in 2019. He told the reporter about the big move for the nation. However, the whole event came after El Salvador declared its plans.
Rejala plans to follow El Salvador, making BTC a legal tender. That is after the first bill succeeds.
Why does Paraguay want To Adopt BTC?
Firstly, keep in mind that Bitcoin has witnessed increased adoption since the start of 2021. It is undoubtedly that most investors want to enjoy the high returns that the crypto market guarantees. The market had a great start this year, most coins surging to their highest amid April.
However, in May, BTC crashed due to attacks by China and Tesla’s CEO. As much as the market is highly volatile now, some market players believe that Bitcoin will uptick again. After all, the leading coin has witnessed wild dips and ups since its launch. Moreover, some investors prefer crypto investments to evade inflation.
While other nations plan to adopt Bitcoin, countries like China are looking to ban cryptocurrency activities.
For now, it is not a secret that mining digital coins consumes massive energy, much of it needed to cool the farms. For that reason, many crypto firms are looking to shift to cooler nations.