Will Paraguay Ever Make Bitcoin (BTC) As Legal Tender?

Will Paraguay Ever Make Bitcoin (BTC) As Legal Tender?

Making Bitcoin (BTC) as the legal tender has been quite a recent trend-focused by many countries all over the world. Mostly concentrating are the developing countries that are keen upon BTC legal tender. This is focused mainly on hopes that BTC legal tender will develop the economical stature. 

Carlitos Rejela Backing 

El-Salvador hit the limelight when its President Nayib Bukele announced officially regarding making BTC legal tender. Despite getting appreciated by all crypto enthusiasts all over the world, internally El-Salvador views differed. Many El-Salvadorians went against the bill, stating it’s only for corruption and to make situations worse. 

However, El-Salvador officially passed the bill and made BTC its official legal tender next to USD. El-Salvador is now the first country in the world to make BTC as its legal tender.

Following this leading politician of Paraguay, Carlitos Rejela took to Twitter supporting El-Salvador. Furthermore, he too tweeted Paraguay will soon follow the same and legalize BTC and other cryptocurrencies. All this depicts that Paraguay will follow El-Salvador and become the second in line to make BTC its legal tender.  

In spite of all this, Carlitos Rejela on Friday put out abruptly that he is passing the bill to legalize cryptocurrency and not for making BTC legal tender. This raised speculations and created many controversies. Also, he adds making BTC as legal tender is impossible for Paraguay as it varies in much compared to El-Salvador. 

The founder of CryptoPy, Paraguay’s own and first blockchain, Joaquin Fiorio comments legalizing cryptocurrency is important as it is not yet legal in Paraguay. In addition, he utters that Paraguay’s fiat currency is one of the most stable fiats across the world. 

Moreover, Paraguay doesn’t need the necessity of BTC as El-Salvador does.  On the contrary, Paraguay is much better economically backed up compared to other developing central- American countries.  

Carlitos Rejela has so far reformed 3 bills regarding the legalization of cryptocurrency for Paraguay. In addition, the bill is likely to be submitted for legalization on July 14. 

However, Fiorio points out Rejela will fail miserably as the bill wouldn’t get passed through. This is mostly due to the fact that Rejela has only four members from his political party in Paraguay’s assembly. 

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A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.