HUGE News out of Paraguay today!
The country is reportedly hinting at a government project which will involve Bitcoin and PayPal. This news follows El Salvador’s plans to make Bitcoin official legal tender.
This is such an exciting piece of information because it seems like the momentum is building for Bitcoin’s path as a form of legal tender around the globe.
One country has already announced that it is going to do it, and now another country is throwing around hints.
This is a blow to fiat currencies everywhere, and I would LOVE to see this happen in The U.S., but we all know that the government here won’t give up its reserve currency status without a fight.
Check it out:
A politician from Paraguay (@carlitosrejala) has posted a laser eyes photo and promised a bitcoin announcement this week.
Just as we saw MicroStrategy start the domino effect for public companies, El Salvador will likely be a catalyst for other countries.
(h/t @WClementeIII) https://t.co/V5bxdbeRWq
— Pomp 🌪 (@APompliano) June 7, 2021
2 Days ago the first country said they’d be making $BTC legal tender. Now Paraguay 🇵🇾 is talking about adoption. Billionaires are fighting over it and institutions have begun to buy with 32 having #bitcoin on the books. Slowly, then all at once. Reminded of scarcity on scale
— Pentoshi 🐧wont DM you (@Pentosh1) June 7, 2021
Crypto Potato had more on the story:
The cryptocurrency community argued for years that struggling countries from less fortunate parts of the world, such as South America and Africa, could benefit the most by adopting digital assets. Although this seemed more of far-fetched speculation for a while, it seems that the trend has already started with El Salvador, as reported over the weekend.
It also appears that another country could follow suit. According to Paraguay’s Deputy of the Nation, the government will start working on an “important project” that includes Bitcoin and PayPal.
Although Rejala Helman failed to provide further details, he actually updated his Twitter picture to include the famous BTC laser eyes.
It’s worth noting that PayPal enabled its more than 300 million users to interact with cryptocurrencies last year. While the innovation was only for US customers initially, the largest payment processor plans to expand it to other countries by the end of this year.
Its happening, and things are accelerating. After El Salvador its now Paraguay. These countries are quicker to adapt #crypto because of less entanglement with legacy finance
Whats good for crypto is good for #CARDANO and this gets reflected in $ADA pricehttps://t.co/xkV1kGdzqX
— Nina (@crypto_NinAda) June 7, 2021
Cryptonews had more details on the recent development:
The MP Carlos “Carlitos” Rejala took to Twitter to post a bullish-looking, PayPal-related and BTC-themed announcement, writing:
“I’ve been saying this for a long time: Our country needs to move hand in hand with the new generation. The moment has come, our moment. This week we will start on an important project that will help innovate Paraguay for the whole world to see.”
He concluded by writing, in English, “to the moon!” and included a rocket emoji, as well as the BTC and PayPal hashtags. The politician also edited his profile picture to add red laser eyes, which is a popular thing about bitcoiners.
The tweet has piqued the interest of crypto observers online, even if Rejala carries a little less political clout than Bukele.
Rejala is one of two MPs in the House of Deputies – the Paraguayan lower chamber – for the opposition Hagamos Party. The house is dominated by the ruling Colorado Party, which has 42 of the 80 seats available. Hagamos does have a louder voice in the Senate, however, where it has two of 45 seats.
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