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Is Paraguay next in line after El-Salvador to adopt Bitcoin?

23 Jul 2022 By : Pankaj Gupta
Is Paraguay next in line after El-Salvador to adopt Bitcoin?

Every Nation is now addressing bitcoin as the world's digital currency, recognized wholly as a way for momentary transit. Of course, the liberty of bitcoin could not come without the euthanization of the worldly aristocracy. While this is a hot topic to debate, we can only see it growing out of the shell as an emerging province for the next stage of the internet we address as web 3.0.

To read more about web 3.0 read- Why Web 3.0 needs more users than investors?

Just after El Salvador, Paraguay might be the next nation to make a massive bitcoin announcement, after it passed laws for bitcoin  Trading and Mining.

El Salvador has fully legalized the tender accepting digital currency as a way 

According to reports, Paraguay is preparing to launch a large project that seems to include bitcoin and PayPal.

We have also learned that following the news stating the fact that Deputy of the Nation Carlos Antonio Rejala Helman indicated earlier this morning on his social media pages that the country would launch a major bitcoin-related program this week. "As I said a long time ago, our country needs to advance hand in hand with the younger generation," he wrote. The time has come, our time. This week, we begin an important endeavor to showcase Paraguay to the rest of the globe!".

Regardless of the lack of current information, the blog will be of particular interest to bitcoin users. Rejala Helman finished the note with the words "the real one to the moon," alongside hashtags for bitcoin and PayPal. One of bitcoin's popular catchphrases relates to the rising price of bitcoin assets. Rejala Herman also shared a photo of himself participating in the "laser eyes" trend, a Twitter-based meme that became popular earlier this year as the bitcoin community began asking for bitcoin to hit $100,000. Posting a photo of laser eyes is taken as a support for bitcoin and bitcoin currency.

The announcement from Paraguay comes only two days after El Salvador's President Nayib Bukele declared plans to introduce laws in the country's congress to make bitcoin legal cash in bitcoin  2021. Bukele's pre-recorded speech was introduced by Jack Mallers, founder of the bitcoin payments platform Strike, who stated that he has been working in El Salvador to promote bitcoin adoption over the last few months. The strike will now develop an "innovation headquarters" in El Salvador, and the measure will be introduced this week.

Rejala Helman, on the other side, is well-known for his passion for Bukele. He refers to himself as "Bukele paraguayo," which translates as "Paraguayan Bukele," and is well-known for his support for El Salvador's President. His pinned tweet on Twitter is a message to Bukele that reads:

Given that Rejala Helman addressed PayPal, whatever Paraguay is working on may differ significantly from El Salvador's news. The payments provider has recently made significant steps towards bitcoin adoption, allowing bitcoin payments and withdrawals to third-party wallets. Given Rejala Helman's remark, it is quite possible that PayPal will play a role in ushering in a new era of widespread bitcoin adoption in Paraguay.

Paraguay is the newest country to adopt the developing Web3, blockchain, and bitcoin currency economy. Following the adoption of bitcoin as legal cash in El Salvador and the Central African Republic, Paraguay is stepping into the field to keep up and provide mechanisms to govern the asset class.

With a vote of 40-12, Paraguay's Chamber of Deputies (second chamber of Congress) passed legislation regulating bitcoin mining and trading. Similar legislation was passed by the country's Senate in December; the bill is now expected to return to that body with changes that have been made by the Chamber of Deputies.

If the Senate adopts the modifications, the bill will be sent to the executive branch, which has yet to decide whether to sign or reject it. On May 25, the entire bill session was streamed live on YouTube.

If the Act is officially passed, any individual or corporate miner can request authorization to consume industrial power. Miner, on the other side, would need to seek a permit.

Moreover, the law calls for the establishment of a registry for every individual or legal body interested in bitcoin trading or custody for a third party. However, the concept of exchange is still missing.

The bill, in particular, seeks to establish Paraguay as a global mining center. Furthermore, the country's cheap electricity costs may support this initiative, as Paraguay has the lowest electricity rate in Latin America at roughly five cents per kilowatt-hour.

A bitcoin  (BTC) bill was introduced in Congress by Paraguayan Congressperson Carlos Rejala and Senator Fernando Silva Facetti, demonstrating the legislators' commitment to developing comprehensive digital asset legislation for their country. The bill has now passed through the country's Congress and will be debated in the Chamber of Deputies in 2022.

Paraguay has emerged as a potential hub for bitcoin adoption as a result of local economic and financial issues, especially in Argentina, Venezuela, and Mexico. As their national fiat currencies have degraded, Argentinians and Venezuelans have moved to digital alternatives such as bitcoin as a more realistic payment method. Others, like El Salvador, have taken an entirely different approach, with the president encouraging people to use bitcoin.

A number of factors, beginning with the depreciation of the South African Rand and the restrictions imposed by fiat money, have contributed to the acceptance of bitcoin currencies in the nation. The bitcoin currency market provides investors with a plethora of chances to generate money and do business globally. The expansion of the international market, where many national businesses already prioritize bitcoin currencies, may potentially be a factor in mass acceptance.