Earlier this year In June, El Salvador announced its decision to declare Bitcoin as a legal tender. As expected, that decision has now affected lawmakers across the region, who have started to implement their own crypto strategy. Paraguay is one of the few countries now that has introduced legislation devoted to cryptocurrency. Since the El Salvador news
Senator Fernando Silva Facetti, and Paraguayan Congressman Carlitos Rejala, have planned to introduce a Bitcoin bill to the congress on July 14. The introduction of the bill would pressure the lawmaker’s urgency in formulating a digital asset strategy for their country.
According to a tweet by Congressman Rejala, he stated “I am here to unite Paraguay” on Friday. He added that he along with his fellow lawmakers were planning “a mega surprise for Paraguay and the world”
Rejala did not specify what the bill would envision, most lawmakers in the country want to follow El Salvador’s example in legalizing Bitcoin and declaring it as a legal tender. Previously on June 6, Rejala announced that digital assets would be connected to a project that will innovate Paraguay in front of the world.
In accordance with Rejala’s previous statements, it is safe to assume the upcoming bill will entail measures to turn Paraguay into the leading centre for crypto investors, businesses, and so on. This bill might even include the provisions to legalize Bitcoin.
Latin America is emerging as the hotbed for adopting digital assets due to the economic and fiscal pressures in the region. Latin America houses two crypto unicorns, a term used to describe startups with a valuation of $1 billion or more.
These crypto unicorns include 2TM Group, the company behind the Brazilian exchange Mercado Bitcoin which has a total valuation of $2.1 billion. Moreover, Bitso the Mexican crypto exchange is also valued at $2.1 billion.