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Paraguay Is About To Introduce Bitcoin Legislation

Paraguay Is About To Introduce Bitcoin Legislation

Paraguay aims to be a global hub for crypto investors. The South American nation of Paraguay, is expanding its horizon and aiming to be a hub for cryptocurrency investors worldwide. Moreover, Deputy Carlos Antonio Rejala Helman of the Hagamos Party, a pro-bitcoin congressman in Paraguay, states that he is working on bitcoin legislation that will present next month.

Cryptocurrency Bill

This bill will legalize the use of cryptocurrencies in Paraguay. The following legislation will also establish that bitcoin transactions will carry through Paraguay. This bill also puts the responsibility on the state to be in charge of promoting and training different areas and sectors so this new form of electronic payments will be accessible to everyone.

Juanjo Benitez Rickmann

It has also been revealed that the CEO of Bitcoin.com, Juanjo Benitez Rickmann is also working closely with the deputy. Rickmann said, “to introduce a project that pushes Paraguay to the cutting edge of digital technology and becomes a crypto-friendly country by taking advantage of its renewable and inexpensive energy that has been provided through hydroelectricity.”

Smooth Adoption


Cryptocurrency has seen a very smooth adoption in the relatively small nation of Paraguay. Recently, a major entertainment group, Grup Cinco, announced that all of its twenty-four business units will now accept cryptocurrencies. Even, universities, like Universidad Comunera, a private university in Asuncion, are now accepting bitcoins for payments.

Warming

People are warming up to the idea of crypto and alternate payment methods, so they willingly accept this revolutionary change.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.