Earlier in June, the news breaks out regarding El Salvador’s decision to accept bitcoin currency. This act embarked on a debate across the world that what is the way forward from here. As a result, multiple countries started legislation to legalize bitcoin. Paraguay is next to follow these steps. Paraguay will soon announce the completion of new crypto-focused legislation.
The bill will be presented before parliament on 14th July. The Paraguayan congressman Carlitos Rejala and the member senate Fernando Silva Facetti will jointly forward the bill. Lawmakers in the country have already considered this bill as a matter of urgency for the state.
Rejala’s tweet addressed his fellow countrymen and women by saying that this will further unite the nation. As far as the figure of the bill is concerned, the key provisions of the bill are kept hidden. An overwhelming majority of lawmakers want this bill to follow El Salvador’s feat in making Bitcoin legal in the country. Rejala shared his vision that this bill will be a landmark achievement of the current government to innovate Paraguay in front of the world. The approval of the impending bill will transform Paraguay as the ideal place for foreign cryptocurrency investors to invest. Paraguay’s business activity will boost, and rapid Bitcoin mining activities will generate more income.
Latin America’s economic and financial fabric has forced many countries to adopt bitcoin. In the countries like Argentina, Mexico, and Brazil; governments adopted bitcoin to ease off the overall economic pressure. The cryptocurrency startups in Latin America are valued at over, $1 billion. Many crypto experts have name Latin America as the crypto trading unicorn.
2TM Group, which has empowered Mercado ‘Bitcoin,’ a Brazilian Digital Assets exchange, recently invested around $200 million in Brazil, taking its total value around $2.1 billion. Moreover, Bitso a Mexican crypt exchange also valued at $2.1 billion. South American countries are like hotspot places for crypto investors and traders.
The reason behind it is intense fiscal pressure on the government and locals. They have no other way to generate an extra stream of income. So, to neutralize the fiscal pressure they have happily adopted crypto culture. A newly developed legal framework will not only ensure ethical crypto trading. But also create a transparent economic framework. That will strengthen Paraguay’s economic condition and improve the overall lifestyle of people. The aim behind the legislation of this Bitcoin Bill is the financial and social welfare of society. It will bring the ruling elite and common man and women even closer rather than pushing away. Moreover, 14th of the July will be a landmark day for the people of Paraguay.