What El Salvador did, create a way for the other countries to maneuver the sanctions. The world will really be as transparent as the blockchain if more governments are going to be running mining farms as well just as Bukele's plan. Latin countries can start voting for the bill right today since it's hard to pass this law in fact the law for BTC to be a legal tender in El Salvador will take effect in Sept 2021.
Venezuela should take its stand too. When Venezuela requested their gold back to them, the Bank of England refuses to return it. Things like these are the ones that will ignite hate in the centralized system.
Topic: Paraguay to propose Bill that would make Bitcoin Legal Tender (Read 163 times)
This is only the beginning of more adoption of other countries and I assume by 2030 this will make to double digits, no make it triple instead. I don't know if Paraguayan also do this but I just want to share it here: https://twitter.com/DocumentingBTC/status/1408257115462975488?s=09
the more China blocks bitcoin in their country, the opposite happens to other countries that support bitcoin, such as the country of Paraguay which proposes a legal tender for bitcoin, maybe the bill will run smoothly, maybe there will be a lot of obstacles and challenges, but I pray that the bill can be accepted , and passed the tender,
That bill will be read on July 14th.
BTW: Not Pass is one of the possible results.
BTW: Not Pass is one of the possible results.
Bitcoin will spread rapidly to Central and South America.
In Africa, Tanzania is poised to be the first country to follow this trend.
Gradually, Then Suddenly.
In Africa, Tanzania is poised to be the first country to follow this trend.
Gradually, Then Suddenly.
Paraguay currently have national currency called Paraguayan Guaraní (PYG) and we can see that today 1 USD is worth around 6780 PYG, and 1 Bitcoin is worth over 232 Million PYG!
They are hit hard by inflation like many other countries and it's only normal they would try to follow example of El Salvador in attempt to attract new capital from people owning Bitcoin.
You can easily get their citizenship will small investment and you don't have to pay taxes, that sounds much better than Chinese dictatorship or US hegemony and tax extortion.
I don't think this bill in Paraguay will pass so easy and paid opposition will complain in similar way like in El Salvador.
They are hit hard by inflation like many other countries and it's only normal they would try to follow example of El Salvador in attempt to attract new capital from people owning Bitcoin.
You can easily get their citizenship will small investment and you don't have to pay taxes, that sounds much better than Chinese dictatorship or US hegemony and tax extortion.
I don't think this bill in Paraguay will pass so easy and paid opposition will complain in similar way like in El Salvador.
After the adoption of Bitcoin by El Salvador, a congressional representative from Paraguay announces a bill that would allow this country to follow suit, but also to encourage mining (with renewable energy sources).
https://swacash.com/2021/06/23/after-el-salvador-will-paraguay-also-adopt-bitcoin/
https://swacash.com/2021/06/23/after-el-salvador-will-paraguay-also-adopt-bitcoin/
As I have expected, the movement of El Salvador to make bitcoin as a legal tender will also urge other countries to do the same. Gradually, bitcoin mass adoption will surely happen worldwide especially now that many people are using and will start to use and invest in cryptocurrency. I commend the initiative of Paraguay to adopt bitcoin as a legal tender because it takes a lot of open-mindedness, awareness, and knowledge about bitcoin in order to consider such thing to be adopted in their country legally speaking.
I just hope they would really be mindful if ever mining will also start operating in their country. Energy consumption is one the greatest challenge when it comes to mining. A lot of mining sites have been forced to close due to minimization of power consumption. Hopefully, they would really use renewable energy sources like what you stated so it won't add more harm to the state of our planet.
Just the fact that such proposals are even being considered about bitcoin at the highest levels of authority (nation-states) is a tremendous achievement for the crypto space...
Paraguay's Congressman Carlitos Rejala has announced that he will propose a bill that would allow Paraguay to adopt Bitcoin as legal tender. He is working with local actors to make Paraguay a hub for investments in cryptocurrencies. The bill is expected to be presented in July. Paraguay could become a haven for Bitcoin miners.
It's pretty good that they are considering making it a legal tender after El Salvador announced their plans, I am pretty hopeful that more South American countries are going to follow suit when Paraguay finalizes these proposal of making bitcoin a legal tender, don't mistake it for currency though.
I think BTC is an excellent investment and has immense opportunity to change the world, but I think these people need to educate themselves about crypto in general. Nevertheless it's important to see congressman take a look to crypto alternatives even if the bill don't pass. We're just in the beginning, this will bring more visibility to the space
"He is a congressman representing the Hagamos Party, a party with only two seats in the 80-seat Chamber of Deputies."
Yeah, I'm not feeling too optimistic about this one.
Yeah, I'm not feeling too optimistic about this one.
Most South American countries will follow El Salvador sooner or later. Almost all of them are facing an economic crisis and they know that Bitcoin can only revive their economy. The interesting part is that they are also welcoming Bitcoin miners to set up mining rigs. As China is banning miners other countries are offering lucrative deals to them.
Even if the bill doesn’t pass, this still makes me happy seeing crypto even being considered for legal tender status. I’m excited for this kind of exposure!
Hope to see them succeed to get votes for the bill to pass. The more countries adopting BTC, it will make it more appealing for more countries to also adopt it. Remittance apps are always going to be the first to be used by my fellows because it just saves more money in using BTC than paying high fees in sending USD. They may not have a Bitcoin Beach there but this country is in the center where trades are conducted all over the direction.
After the adoption of Bitcoin by El Salvador, a congressional representative from Paraguay announces a bill that would allow this country to follow suit, but also to encourage mining (with renewable energy sources).
https://swacash.com/2021/06/23/after-el-salvador-will-paraguay-also-adopt-bitcoin/
https://swacash.com/2021/06/23/after-el-salvador-will-paraguay-also-adopt-bitcoin/
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