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Crypto legal tender: Paraguay Legislating Cryptocurrency

Paraguay, the South American country home to the largest hydroelectric power plant, has confirmed its plans to work on an enormous project involving Bitcoin and PayPal. Paraguay’s announcement took place after El Salvador declared Bitcoin as a legal tender for the country. The Salvadorian president Nayib Bukele showed his support for the leading cryptocurrency quite significantly during Bitcoin 2021 conference and followed up by a multitude of tweets that Bitcoin will be the legal tender for El Salvador.

Paraguay’s main reason for establishing cryptocurrency as legal tenders are associated with the country’s most extensive entertainment group, Grupo Cinco. According to a Twitter account by the name @coindesk, Grup Cinco has planned to accept several major cryptocurrencies including Ether, Chilliz, Bitcoin, and the meme-currency Dogecoin. Grupo Cinco will start the acceptance program in July.

The news was confirmed by the Deputy of the Nation, Carlos Antonio Rejala Helman, in a tweet that indicated Paraguay will be passing legislation to make Bitcoin a legal tender in July. Helman also stated that Paraguay will hydroelectric power plants to run Bitcoin.

The crypto community has commended Paraguay’s decision for legislating Bitcoin. As reported by Crypto news Flash, the Panamanian congresswoman Gabriel Silva has confirmed passing a bill to the assembly for legislating Bitcoin in response to El Salvador and Paraguay’s decision.

Congresswoman Silva also added that legalizing crypto will boost the technological and entrepreneurial community, and compel them to make advances in blockchain technology.

The most dominant cryptocurrency, Bitcoin is increasingly growing in popularity despite the volatility it has experienced this past month and is gaining more recognization since China’s crackdown. As a result of the crackdown, Bitcoin is now being recognized by countries such as El Salvador and Paraguay to be legislated as legal tenders. Both nations started their mining plans that will consist of alternate energy sources.

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