Paraguayan lawmakers to present Bitcoin bill on July 14

Published at: July 10, 2021

Paraguayan Congressperson Carlitos Rejala and Senator Fernando Silva Facetti are planning to introduce a Bitcoin (BTC) bill to Congress on Wednesday, July 14, underscoring the lawmakers’ urgency in formulating a coherent digital asset strategy for their country. 

“I am here to unite Paraguay,” Rejala tweeted Friday, adding that he and his fellow lawmaker are planning a “mega surprise for Paraguay and the world.”

I am here to unite Paraguay , that is why we decided with Senator @FSilvaFacetti to present together the bill #bitcoin on Wednesday, July 14!Stay tuned since there will be a mega surprise for Paraguay and the world. Something GIANT is coming #Bitcoin #btc

— Carlitos Rejala (@carlitosrejala) July 9, 2021

Although Rejala didn’t specify what the bill would entail, some lawmakers in the country want to follow El Salvador’s lead in making Bitcoin legal tender. On June 6, Rejala informed his more than 50,000 Twitter followers that digital assets would be connected to “an important project to innovate Paraguay in front of the world.”

Como ya lo decía hace un buen tiempo, nuestro país necesita avanzar de la mano de la nueva generación.Llegó el momento, nuestro momento.Esta semana empezamos con un proyecto importante para innovar a Paraguay frente al mundo!El verdadero to the moon #btc & #paypal pic.twitter.com/ZMRJgAIxgO

— Carlitos Rejala (@carlitosrejala) June 7, 2021

Based on Rejala’s previous statements, the forthcoming bill will introduce measures to make Paraguay a leading center for foreign cryptocurrency investors, businesses and perhaps even Bitcoin miners. Potentially, this will include provisions to accept BTC as legal tender. 

Like other Latin American lawmakers, Rejala added laser eyes to his profile picture on Twitter, a symbolic way of showing his bullish outlook on BTC.

Related: What is really behind El Salvador’s ‘Bitcoin Law?’ Experts answer

Latin America has emerged as a potential hotbed for cryptocurrency adoption due to local economic and fiscal pressures, especially in countries such as Argentina, Venezuela and Mexico. As Cointelegraph reported, Latin America is now home to at least two cryptocurrency unicorns, a term used in the venture capital industry to describe startups with a valuation of $1 billion or more.

2TM Group, the parent company behind Brazilian cryptocurrency exchange Mercado Bitcoin, recently completed a $200-million funding round with SoftBank, bringing its total valuation to an estimated $2.1 billion. Meanwhile, Mexican crypto exchange Bitso is valued at $2.1 billion after concluding a Series C funding round.

Tags
Regulation
Bitcoin Regulation
El Salvador
South America
Latin America
Related Posts
Uruguayan senator introduces bill to enable use of crypto for payments
Uruguayan Senator Juan Sartori has introduced a draft bill to regulate cryptocurrency and enable businesses to accept crypto payments. Sartori joins a growing list of politicians from South American and Spanish-speaking countries who are seeking to bring crypto adoption into the mainstream. The senator is not proposing the use of crypto as legal tender as in El Salvador, however. The crypto-friendly Senator tweeted on Wednesday that “today we present a bill, pioneer in the world, that seeks to establish a legitimate, legal and safe use in businesses related to the production and commercialization of virtual currencies in Uruguay.” The bill …
Regulation / Aug. 5, 2021
Bill to make Bitcoin legal tender passes in El Salvador
The bill introduced by the president of El Salvador to make Bitcoin (BTC) legal tender in the nation passed the Legislative Assembly with a supermajority just before 6:00 am UTC. In a Twitter Spaces conversation with 22,000 listeners that began just after 5:00 am UTC, President Nayib Bukele said he would sign off on the historic law later that night or first thing the next day. “It goes into effect immediately,” he said, clarifying the government would allow 90 days for the infrastructure to be put into place. The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress. …
Regulation / June 9, 2021
2021: A year of mass adoption for cryptocurrencies in Brazil
Throughout 2021, the Brazilian cryptocurrency market managed to distance itself from the police pages and finally win acceptance with the general public, whether in the financial market or even in the greatest national passion: soccer. Last year, Bitcoin (BTC) acted as a strong alternative to the Brazilian real that ended 2021 by breaking negative records and reaching a devaluation of 6.5% by December, making it the 38th worst currency in the world. In a year of ups and downs for Bitcoin, the biggest cryptocurrency hit a bottom of 167,000 real in January and soared along with global markets to 355,000 …
Adoption / Jan. 15, 2022
P2P payments spurred crypto adoption across Venezuela in 2021
For Venezuela, 2021 has been a year of considerable changes at the microeconomic level, where even more than in 2020, the results of powerful catalysts for change such as COVID-19 were clearly visible. In a more dynamic economy with a higher volume of operations with foreign currencies, cryptocurrencies played a key role during this year for the South American country. In this review, we’ll take a look at the highlights of the Venezuelan crypto ecosystem in 2021 including related areas such as trading, play-to-earn (P2E) games, fintech, mining, regulation and nonfungible tokens (NFTs). More people accepting cryptocurrencies According to blockchain …
Adoption / Feb. 12, 2022
President of Panama shoots down crypto bill citing FATF guidelines
Panama’s President Laurentino Cortizo has partially vetoed Bill No. 697, dubbed the “crypto bill,” saying it requires more work to better fit Panama’s financial regulations. President Cortizo previously warned in May he wouldn’t sign the bill unless it included additional Anti-Money Laundering (AML) rules after Panama’s National Assembly passed the crypto bill in late April 2022. Local media outlet La Prenda obtained a copy of the 32-page veto, reporting the president wrote it’s “imperative” the cryptocurrency laws conform to new regulations recommended by the Financial Action Task Force (FATF) outlining “fiscal transparency and prevention of money laundering.” President Cortizo has …
Regulation / June 17, 2022