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Lawmaker wants Paraguay to become a global crypto hub, plans to present Bitcoin bill in Congress next month

Another Latin American country could be on its way to becoming a global crypto hub as a pro-crypto lawmaker in Paraguay is set to present Bitcoin legislation in Congress next month.

Asunción Paraguay / Image by: Wikimedia Commons

Mon, 21 Jun 2021, 15:21 pm UTC

El Salvador made history early this month when it became the first country to give legal tender status to Bitcoin (BTC). Now, another Latin American country could be on its way to becoming a global crypto hub as a pro-crypto lawmaker in Paraguay is set to present Bitcoin legislation in Congress next month.

Deputy Carlos Antonio Rejala of the Hagamos Party wants Paraguay to take similar action to El Salvador when it comes to Bitcoin. The congressman revealed that he is working on Bitcoin legislation that he plans to present in Congress next month, according to Bitcoin.com.

The proposed bill aims to legalize the use of cryptos such as Bitcoin as a means of payment in Paraguay. The bill also wants the state to promote crypto and train different sectors so they are ready to access and use the new payment option.

“Since we announced that we are working on a bill that legalizes in Paraguay the use of digital assets, better known as digital currencies, or its most popular version, bitcoin, as legal tender for any type of commercial transaction, various Paraguayan companies have already joined and took a step forward towards the new era of transactions, which makes us proud,” Carlos Antonio Rejala said.

He plans to present the bill in Congress in July. “The presentation of the project is coming on July 14,” the lawmaker posted on Twitter. He also changed his Twitter profile pic to include laser eyes.

“As I was saying a long time ago, our country needs to advance hand in hand with the new generation,” he tweeted on June 7. “The moment has come, our moment… This week we start with an important project to innovate Paraguay in front of the world. The real one to the moon #BTC & #paypal.”

Congressman Rejala earlier revealed that he is working with Bitcoin.com.py CEO Juanjo Benitez Rickmann and the country’s crypto community to make Paraguay “a hub for the crypto investors of the world and subsequently to be placed among the ones on the cutting edge of digital technology.” This was also confirmed by Rickmann who said that they want “to introduce a project in congress so that Paraguay becomes a crypto-friendly country for worldwide crypto investors, taking advantage of the renewable and inexpensive energy provided by hydroelectrics #Itaipu #Yacyreta.”

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