Global adoption is going forward with full steam!
Sources point out that Paraguay politician Carlitos Rejala teases that Bitcoin may soon see a historical day in which the government of Paraguay makes it a legal payment method.
His cryptic tweet came at the same time that a leaked document revealed that crypto legislation is moving forward in Paraguay, and a legal regulatory framework is being considered.
The trend of Bitcoin adoption as a legal payment method seems to be really taking off in South America, as we continue to see country after country embrace the trend.
Banking systems in developing countries are atrocious, and perhaps crypto is the remedy they desperately need to go from developing to developed.
Here’s more on Rejala’s announcement:
— Carlitos Rejala 🙏🇵🇾🙌 (@carlitosrejala) July 14, 2021
— George Kikvadze 🇸🇻🇵🇾 (@BitfuryGeorge) July 14, 2021
U Today had more details:
Carlitos Rejala is one of the enthusiasts of a bill legalizing Bitcoin as a means of payment. He has periodically launched initiatives, backing up his thoughts on the development and innovation of the country’s economy.
After the legalization of Bitcoin in El Salvador, Rejala said he was inspired by the idea and began working on a bill aimed at promoting innovation in Paraguay.
To do so, Rejala enlisted Senator Fernando Silva Facetti. According to the document that appears online, the bill aims to regulate Bitcoin mining and cryptocurrency trading.
It also covers the taxation of cryptocurrencies and the creation of a reserve fund. In addition, cryptocurrency firms will be required to register with the relevant authorities in the country.
I am here to unite Paraguay 🇵🇾, that is why we decided with Senator @FSilvaFacetti to present together the bill #bitcoin on Wednesday, July 14!
Stay tuned since there will be a mega surprise for Paraguay and the world. Something GIANT is coming 🌍#Bitcoin #btc
— Carlitos Rejala 🙏🇵🇾🙌 (@carlitosrejala) July 9, 2021
— Coin Bump Chart (@CoinBumpChart) July 10, 2021
Decrypt analyzed a leaked copy of the bill:
The bill would require registration of cryptocurrencies with Paraguay’s Undersecretariat of State Taxation. It also would regulate cryptocurrency mining and trading via exchanges as well as peer-to-peer marketplaces, requiring actors to register as obligated subjects.
The path of this bill has been winding. It began when Rejala, inspired by El Salvador’s pro-Bitcoin president, Nayib Bukele, put on his laser eyes and promised to work on an innovative law that would somehow involve Bitcoin.
Speculation around the law was quick to follow. Rumors began to circulate that Rejala was working on the adoption of Bitcoin as legal tender in line with El Salvador, something he later denied.
But his version of the bill underwhelmed cryptocurrency advocates. Paraguayan architect and tech enthusiast Juan Pessolani says he received access to an early draft.
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