Paraguay may soon follow the footsteps of El Salvador in making bitcoin, the largest cryptocurrency by market capitalization, a legal tender on its territories.
Congressman Carlitos Rejala, through a Twitter announcement, said the country is setting an important project in motion this week that points towards legitimizing the digital currency’s “legal tender” status. Moreover, the official updated his profile picture on the social media platform and added the “laser eyes.”
The news came only a day after El Salvador, through its President’s 2021 Bitcoin Conference statement, said his country will soon make the crypto an accepted medium of exchange.
Keeping up with the new generation
“As I said a long time ago, our country needs to go hand in hand with the new generation. The moment has come, our moment. We start this week with a valuable project that will renew Paraguay in front of the world,” the Congressman said.
At the end of his Twitter post, Rejala added the hashtags #btc & #paypal, giving clues on what was his post all about.
The idea of adopting bitcoin to the mainstream financial sphere is currently on a roll as politicians in Latin America have started declaring their region is finally ready to open its doors for cryptocurrencies.
Bitcoin as solution
As it turns out, the “legal tender stage” of crypto adoption has finally arrived as countries have begun to put plans in motion to add bitcoin to their state treasury.
El Salvador and Paraguay have come to realize that the crypto is a viable option for protecting their economy from inflation and the domino effect that was brought about by the depleting value of the U.S. dollar.
Meanwhile, bitcoin seems to continue ignoring these developments, as according to CoinGecko tracking, it is changing hands at just $32,918 and is down almost 12% for the past seven days.
Image courtesy of Cointelegraph News/YouTube
Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinerx.com/blockchain/paraguay-may-be-close-to-making-bitcoin-a-legal-tender-as-well/
