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New Bill Aims To Make Paraguay a Global Crypto Hub

New Bill Aims To Make Paraguay a Global Crypto Hub
  • Paraguay Deputy Carlos Antonio Rejala Helman is working on a pro bitcoin bill.
  • If passed by congress the bill will make bitcoin legal tender in Paraguay.
  • Also, the congressman will present the bill next month.

Paraguayan lawmaker, Carlos Antonio Rejala Helman, aims to present Bitcoin legislation in congress next month. The bill follows in El Salvador’s footsteps and aims to turn Paraguay into a global crypto hub.

Helman, a member of Paraguay’s Hagamos Party, is calling for Paraguay to make Bitcoin legal tender. The move would make the nation the second country in the world to do. Prior, fellow South American country El Salvador voted to be the first country to accept bitcoin in a landslide victory.

As such, El Salvador businesses will now accept bitcoin as legal tender along with the $US. A move criticized by Economist and John Hopkins University Applied Economics professor Steve Hanke. Hanke claims illegal elements will use crypto to drain the dollar out of the South American nation, leading to the country’s economic crash.

However, the congressman remains bullish on crypto and even edited his Twitter profile picture to show the pro-bitcoin laser eyes. Helman joins a growing number of South American politicians to do so.

In addition, Helman is working with Bitcoin.com.py CEO Juanjo Benitez Rickmann and the local crypto community to turn Paraguagy into “the cutting edge of digital technology.”

If successful, the bill will make bitcoin legal tender in Paraguay. Meaning, any financial transactions in the country can be made using the top crypto. The nation would also promote and train different sectors to use the new payment method.

In addition, the bill will be presented in July according to Helman who added,

“Since we announced that we are working on a bill that legalizes in Paraguay the use of digital assets, better known as digital currencies, or its most popular version, bitcoin, as legal tender for any type of commercial transaction, various Paraguayan companies have already joined and took a step forward towards the new era of transactions, which makes us proud.”

Finally, Helman is scheduled to present the legislature to congress on July 14, 2021.

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Avid reader and writer with a passion for sharing crypto news and trends. Uses her background in finance to help readers better understand the crypto market and investments. Hopes to see mainstream crypto adoption in the near future, especially in Africa.