Following the Salvadoran President’s footsteps, Paraguay has finally allowed Bitcoin transactions. Last week, Paraguayan MP Carlos Antonio Rejala Helman announced that the country wanted to work on an important project related to Bitcoin and PayPal.
“As I said a long time ago, our country must go hand in hand with the new generation. The time has come, our time. This week we started an important project to renew Paraguay in front of the world! The Real to the Moon #btc & #PayPal,” Rejala Helman tweeted on June 7th.
After this tip from the Paraguayan official himself, the crypto industry was waiting for an important announcement around the cryptocurrency legislation. That wait was over in no time.
Also Read: Cryptocurrency prices become stable as bullish investors deny to sell their assets
On Friday, Rejala Helman confirmed that the country will announce the new rule surrounding cryptocurrency in July. It can be said that the decision of the Paraguayan MP and the nation somewhere will be influenced by the introduction of cryptocurrency in El Salvador. Not only Paraguay but also the Central American country Panama should follow the path taken by Nayib Bukele.
Rejala Helman is a member of the Paraguayan Congress and also the country’s deputy. He announced that he would introduce a Bitcoin bill in July.
In her latest tweet, Rejala Helman said, “This is Paraguay, we will be enacting laws in July! #Bitcoin”.
It seems that no country in the United States wants to be left behind as a member of the Panamanian Congress in the race to adopt cryptocurrency should not follow other nations that have legalized Bitcoin.
“This rapid spread of Bitcoin in American countries is good news for Crypto supporters. Meanwhile, the Salvadoran leader is taking further steps to support the cryptocurrency, so urging Bitcoin miners to harness thermal energy from the country’s volcanoes rather than using fossil fuels to save the environment.”
Also Read: SEC to look into the breach of securities law in Tether and Binance cryptocurrency transactions
The decision to legalize Bitcoin in Paraguay is very much appreciated on Twitter by crypto fans and their support shows Grupo Cinco, one of the largest entertainment companies in Paraguay, is considering accepting Bitcoin as a means of payment as well as other cryptocurrencies.
