Topic: will Paraguay be the next to make Bitcoin ‘official currency’ (Read 423 times)
24% of the population live below the poverty line in Paraguay, and their GDP is also pretty bad, so while this country isn't doing as badly as El Salvador, a nice crypto economy boost is still something they could use. That being said, having one congressman who wants Paraguay to adopt Bitcoin as legal tender is very far from that El Salvador had, and literally the first article I found when googling Paraguay and Bitcoin was this one: Is Paraguay set to make bitcoin legal tender? Don't bet on it. The name kind of speaks for itself here.
September 23, 2021, 05:43:13 AM
Indications from different angles has been established toward having the second breaking of record in the adoption of Bitcoin as a legal tender by some countries in the likes of Paraguay ever since the first adoption by El-Savador, more effontery has been geard towards the move by responsible citizens while some even promise to legalize it if elected in their political post ambitions.
In Paraguay, all expectation is high toward the next step of government action in adopting Bitcoin as it's major currency, the question now is could Paraguay be the second to adopt Bitcoin as a legal tender? .... If yes, are there more visible indications to buttress the notion.
It has been two months since the Lawmaker Carlos Rejala made the tweet yet Paraguay's National Congress is yet to pass the bill unlike Salvadoran president Nayib Bukele who after three days passed the legislation to recognise Bitcoin after his announcement. In my opinion, this thing goes way more than just a tweet or a bill draft, it requires intense and persistent politicking from either the president or an influential congressman/woman from a larger established party or parties. If not, it's gonna take a long time to see it come to fruition.
In Paraguay, all expectation is high toward the next step of government action in adopting Bitcoin as it's major currency, the question now is could Paraguay be the second to adopt Bitcoin as a legal tender? .... If yes, are there more visible indications to buttress the notion.
Paraguayan congressman had stated that he would be introducing legislation to legalize Bitcoin in his nation.
It has been two months since the Lawmaker Carlos Rejala made the tweet yet Paraguay's National Congress is yet to pass the bill unlike Salvadoran president Nayib Bukele who after three days passed the legislation to recognise Bitcoin after his announcement. In my opinion, this thing goes way more than just a tweet or a bill draft, it requires intense and persistent politicking from either the president or an influential congressman/woman from a larger established party or parties. If not, it's gonna take a long time to see it come to fruition.
September 23, 2021, 05:06:30 AM
If that is true, we will have a third country that accepts Bitcoin as official payment. This is great, hope they have a better way than El Salvador to pass and educate people to use. As far as I can see, their passing of the Bitcoin legal tender law happened quickly and left consequences such as the smashing of Bitcoin ATMs and a small wave of protests among the people.
The third country to accept it as official payment, other than El Salvador who is the other one?I have heard recently of a bank now taking bitcoin including some of the bigger cryptocurrencies in Germany but that was about it.
But Paraguay doing what El Salvador did is still far off since it took years of planning to have it pass into law so quick.
And having a candidate say they will be passing it into law if elected into office is a far cry to say the least.
I’m not too familiar with Paraguayan political parties, but from what I’ve gathered, the said congressman, Carlos Relaja is a member of the political party called Partido Hagamos (PH). During the last general elections in 2018, the PH managed to receive 75.601 votes (1,95%) to the main camera (diputados).
He apparently said that he wanted it to be an official currency (being interpreted as legal tender), where he to be elected in 2023. I’d say his chances were slim in light of 2018’s data, although the PH party is an emerging one.
more: https://bitcoinmagazine.com/business/paraguayan-congressman-bitcoin-legal-tender-elected-president
He apparently said that he wanted it to be an official currency (being interpreted as legal tender), where he to be elected in 2023. I’d say his chances were slim in light of 2018’s data, although the PH party is an emerging one.
more: https://bitcoinmagazine.com/business/paraguayan-congressman-bitcoin-legal-tender-elected-president
September 23, 2021, 03:19:10 AM
Why wouldn't it be? Paraguay has been one of the most serious countries about making Bitcoin legal tender recently. They have been following the process in El Salvador for some time. And they already showed their intention about this too. They will be the second country to take this brave step after El Salvador seemingly. But I really wonder whether these countries will make use of this action in the long term.
This is what we can't know for sure, but I think it works like this: if only one or two countries in the world will make Bitcoin legal tender and no one will join them, eventually they will be forced to retreat. But what are the odds of that scenario, considering that Panamanian Congressmen, not wanting to "trail behind", are already considering adopting BTC as legal tender in the country?
September 22, 2021, 11:21:57 AM
Maybe Paraguay will do better than El Salvador, it depends on the leadership of the government and the level of awareness of the people with the new policy.
things like this will be very difficult to predict if you only look at it from one direction because the adoption of the government and the making of laws are also of course based on the enthusiasm of the people because indeed if it is unilaterally from the government without the support of the people and maybe there are those who are against the government's decision it will very unprofitable because it will not go well.The Paraguayan government is unlikely to take the decision to legalize Bitcoin as a legal tender without the support of the people. I believe
the Paraguayan government has conducted research and surveys on the people of Paraguay regarding the decision to legalize Bitcoin as
a legal tender. Like you said if the Paraguayan government takes a unilateral decision without the support of the people, the decision will not
go well and will not last long. Like the government of El Salvador, which is supported by most of the people, the decision to make Bitcoin
a legal tender can go well. But it can't be said that Paraguay will be better than El Salvador, that's something that has to be proven first.
Research and surveys are essential as it helps to reflect people's thinking on the bill. A hasty decision without due diligence can turn the law into a political issue, which can be destabilizing.
Everything needs to be open, transparent, and have a clear and specific workflow.
September 21, 2021, 04:57:49 PM
Maybe Paraguay will do better than El Salvador, it depends on the leadership of the government and the level of awareness of the people with the new policy.
things like this will be very difficult to predict if you only look at it from one direction because the adoption of the government and the making of laws are also of course based on the enthusiasm of the people because indeed if it is unilaterally from the government without the support of the people and maybe there are those who are against the government's decision it will very unprofitable because it will not go well.The Paraguayan government is unlikely to take the decision to legalize Bitcoin as a legal tender without the support of the people. I believe
the Paraguayan government has conducted research and surveys on the people of Paraguay regarding the decision to legalize Bitcoin as
a legal tender. Like you said if the Paraguayan government takes a unilateral decision without the support of the people, the decision will not
go well and will not last long. Like the government of El Salvador, which is supported by most of the people, the decision to make Bitcoin
a legal tender can go well. But it can't be said that Paraguay will be better than El Salvador, that's something that has to be proven first.
September 21, 2021, 04:12:28 PM
Maybe Paraguay will do better than El Salvador, it depends on the leadership of the government and the level of awareness of the people with the new policy.
things like this will be very difficult to predict if you only look at it from one direction because the adoption of the government and the making of laws are also of course based on the enthusiasm of the people because indeed if it is unilaterally from the government without the support of the people and maybe there are those who are against the government's decision it will very unprofitable because it will not go well. September 21, 2021, 09:34:39 AM
Why wouldn't it be? Paraguay has been one of the most serious countries about making Bitcoin legal tender recently. They have been following the process in El Salvador for some time. And they already showed their intention about this too. They will be the second country to take this brave step after El Salvador seemingly. But I really wonder whether these countries will make use of this action in the long term.
September 21, 2021, 09:27:34 AM
Indications from different angles has been established toward having the second breaking of record in the adoption of Bitcoin as a legal tender by some countries in the likes of Paraguay ever since the first adoption by El-Savador, more effontery has been geard towards the move by responsible citizens while some even promise to legalize it if elected in their political post ambitions.
In Paraguay, all expectation is high toward the next step of government action in adopting Bitcoin as it's major currency, the question now is could Paraguay be the second to adopt Bitcoin as a legal tender? .... If yes, are there more visible indications to buttress the notion.
Well since Paraguay is looking at EL Salvador as their mentor in adopting bitcoin (maybe legal tender) best that they must also listen to the El Salvadorian's like what is happening now.In Paraguay, all expectation is high toward the next step of government action in adopting Bitcoin as it's major currency, the question now is could Paraguay be the second to adopt Bitcoin as a legal tender? .... If yes, are there more visible indications to buttress the notion.
Paraguayan congressman had stated that he would be introducing legislation to legalize Bitcoin in his nation.
There are many protest and even wild reaction from Anti Bitcoin as they are not giving the chance to release their thoughts instead the government just introduce and accept bitcoin that Easy.
we all knew that this is for the betterment of their own economy but understand that people also wanted to be part of every decisioning from the Higher up.
I would read the info about those "many protests" with a grain of salt. Even a BBC article about Bitcoin protests in El Salvador ends with words "But Mr Bukele still enjoys strong support in El Salvador, with a recent newspaper poll showing 85.7% of people approved of the president.". Meaning that most likely the protesters were paid by the opposition to protest against something they have no idea about. To me it's a dirty struggle for power and nothing else.
September 21, 2021, 09:02:06 AM
Yes, education is important, there needs to be a bill and a referendum before it is passed.
Everything, too, fast also causes instability. Maybe Paraguay will do better than El Salvador, it depends on the leadership of the government and the level of awareness of the people with the new policy.
it depends on the enthusiasm of bitcoin users in Paraguay. if a policy is made but does not get support from the community then there will be no good development and adoption. but if this is a solution to the problems experienced by Paraguay regarding the management of their country's finances. bitcoin might be a good solution. hopefully, they can adopt the experience from El Salvador and get even better. Everything, too, fast also causes instability. Maybe Paraguay will do better than El Salvador, it depends on the leadership of the government and the level of awareness of the people with the new policy.
September 21, 2021, 08:52:14 AM
If that is true, we will have a third country that accepts Bitcoin as official payment. This is great, hope they have a better way than El Salvador to pass and educate people to use. As far as I can see, their passing of the Bitcoin legal tender law happened quickly and left consequences such as the smashing of Bitcoin ATMs and a small wave of protests among the people.
Indeed if Paraguay will follow the step of El Salvador on adopting bitcoin as their legal tender this will be another good news for our community because mass adoption is slowly creeping in. Bitcoin being a currency is a fulfillment of its original purpose aside from it being an investment. Although this news won't totally stir the market unlike if big countries will do it, still it's a positive one if ever this will really happen because this just means that these countries are seeing the potential of bitcoin. Maybe later the developed countries would come to their senses as well and see its benefit just like the countries making a bold move to adopt it in their place.
Although yes, there are repercussions in implementing a law about officially adopting a currency particularly bitcoin in a country just like what you have said. Protests and bold movement of oppositions such as destroying the properties of the government-related in btc can possibly happen. We can't please everybody after all no matter how we try to educate them about bitcoin's advantages.
Yes, education is important, there needs to be a bill and a referendum before it is passed.
Everything, too, fast also causes instability. Maybe Paraguay will do better than El Salvador, it depends on the leadership of the government and the level of awareness of the people with the new policy.
September 21, 2021, 04:43:34 AM
If that is true, we will have a third country that accepts Bitcoin as official payment. This is great, hope they have a better way than El Salvador to pass and educate people to use. As far as I can see, their passing of the Bitcoin legal tender law happened quickly and left consequences such as the smashing of Bitcoin ATMs and a small wave of protests among the people.
Indeed if Paraguay will follow the step of El Salvador on adopting bitcoin as their legal tender this will be another good news for our community because mass adoption is slowly creeping in. Bitcoin being a currency is a fulfillment of its original purpose aside from it being an investment. Although this news won't totally stir the market unlike if big countries will do it, still it's a positive one if ever this will really happen because this just means that these countries are seeing the potential of bitcoin. Maybe later the developed countries would come to their senses as well and see its benefit just like the countries making a bold move to adopt it in their place.
Although yes, there are repercussions in implementing a law about officially adopting a currency particularly bitcoin in a country just like what you have said. Protests and bold movement of oppositions such as destroying the properties of the government-related in btc can possibly happen. We can't please everybody after all no matter how we try to educate them about bitcoin's advantages.
September 21, 2021, 02:35:10 AM
they won't do the same thing that El Salvador did, what they will do is just legalize bitcoin which would allow banks or companies to buy bitcoin or even pay wages in bitcoin and also the courts would be more comfortable when judging cases involving bitcoin.
oh i thought that they are aiming to do what El salvador does but seems like they are just like what japan or some other country that has allowing their people use bitcoin and not like el salvador use as Legal tender.Quote
creating bitcoin laws does not mean that bitcoin would replace local currency, they are different things and in my opinion I don't see why they go so far as to replace the local currency because just create good bitcoin laws that everything is clear and resolved
and I believe that there will no country that will do such thing to replace their Currency for Bitcoin? for what? they have been keeping their Hero's faces in their local currencies and then will be just trash because of bitcoin? 
September 21, 2021, 12:00:11 AM
Indications from different angles has been established toward having the second breaking of record in the adoption of Bitcoin as a legal tender by some countries in the likes of Paraguay ever since the first adoption by El-Savador, more effontery has been geard towards the move by responsible citizens while some even promise to legalize it if elected in their political post ambitions.
In Paraguay, all expectation is high toward the next step of government action in adopting Bitcoin as it's major currency, the question now is could Paraguay be the second to adopt Bitcoin as a legal tender? .... If yes, are there more visible indications to buttress the notion.
Well since Paraguay is looking at EL Salvador as their mentor in adopting bitcoin (maybe legal tender) best that they must also listen to the El Salvadorian's like what is happening now.In Paraguay, all expectation is high toward the next step of government action in adopting Bitcoin as it's major currency, the question now is could Paraguay be the second to adopt Bitcoin as a legal tender? .... If yes, are there more visible indications to buttress the notion.
Paraguayan congressman had stated that he would be introducing legislation to legalize Bitcoin in his nation.
There are many protest and even wild reaction from Anti Bitcoin as they are not giving the chance to release their thoughts instead the government just introduce and accept bitcoin that Easy.
we all knew that this is for the betterment of their own economy but understand that people also wanted to be part of every decisioning from the Higher up.
September 20, 2021, 11:50:00 PM
To be honest I think a country does not have to legally declare Bitcoin as an official currency or a legal tender. It is enough that it be considered as an acceptable alternative payment for goods and services. Being a legal tender implies a heavy sense of responsibility in which small and large businesses alike as well as consumers are bound to a certain extent by law to accept Bitcoin payments. Bitcoin does not have to be given a throne beside fiat. It is enough that its use is legally accepted within the country.
September 20, 2021, 11:10:59 PM
with the adoption by the country of El Salvador of the adoption of bitcoin nationally in their country this is very positive for the survival of bitcoin, such as the discourse on the topic that there will be a second country where Paraguay is also seriously interested in bitcoin being adopted in that country, if this really happens it will have a very positive impact on bitcoin, bitcoin is currently in dire need of recognition from sovereign countries
Not to really be that hateful or in doubt but they should at least look up on what do happens with El salvador when it comes on making Bitcoin as their main currency rather than on hurrying up on making decisions.I dont really have any doubts with bitcoin to be on countries main or official currency because decentralization doesnt really works for a centralized type of government which means there would really be
lots of adjustments that would really be done from being heavily centralized to decentralized which is something that they would consider it out.
Correct because their economy will be at stake if they will rush those adoption. The best they can do for now is they should see first what the effect it cause to El Salvador for much longer time so that they can evaluate clearly if Bitcoin is really good to be adopted and treated as a legal tender on their country. I can't deny that there are heavy adjust toward what you mention as well as we can't deny how unpredictable the market especially by now we can see a huge trial for BTC to retain its current level.
Honestly, Paraguay is a country that is more suitable to actually make Bitcoin as a legal tender, economy-wise, I think Paraguay won't have any kind of struggle if they were to adopt Bitcoin, but legalizing it at this point is much more practical than making it as a legal tender.
September 20, 2021, 06:01:15 PM
they won't do the same thing that El Salvador did, what they will do is just legalize bitcoin which would allow banks or companies to buy bitcoin or even pay wages in bitcoin and also the courts would be more comfortable when judging cases involving bitcoin. creating bitcoin laws does not mean that bitcoin would replace local currency, they are different things and in my opinion I don't see why they go so far as to replace the local currency because just create good bitcoin laws that everything is clear and resolved
September 20, 2021, 05:04:15 PM
with the adoption by the country of El Salvador of the adoption of bitcoin nationally in their country this is very positive for the survival of bitcoin, such as the discourse on the topic that there will be a second country where Paraguay is also seriously interested in bitcoin being adopted in that country, if this really happens it will have a very positive impact on bitcoin, bitcoin is currently in dire need of recognition from sovereign countries
Not to really be that hateful or in doubt but they should at least look up on what do happens with El salvador when it comes on making Bitcoin as their main currency rather than on hurrying up on making decisions.I dont really have any doubts with bitcoin to be on countries main or official currency because decentralization doesnt really works for a centralized type of government which means there would really be
lots of adjustments that would really be done from being heavily centralized to decentralized which is something that they would consider it out.
Correct because their economy will be at stake if they will rush those adoption. The best they can do for now is they should see first what the effect it cause to El Salvador for much longer time so that they can evaluate clearly if Bitcoin is really good to be adopted and treated as a legal tender on their country. I can't deny that there are heavy adjust toward what you mention as well as we can't deny how unpredictable the market especially by now we can see a huge trial for BTC to retain its current level.
September 20, 2021, 04:26:37 PM
with the adoption by the country of El Salvador of the adoption of bitcoin nationally in their country this is very positive for the survival of bitcoin, such as the discourse on the topic that there will be a second country where Paraguay is also seriously interested in bitcoin being adopted in that country, if this really happens it will have a very positive impact on bitcoin, bitcoin is currently in dire need of recognition from sovereign countries
Not to really be that hateful or in doubt but they should at least look up on what do happens with El salvador when it comes on making Bitcoin as their main currency rather than on hurrying up on making decisions.I dont really have any doubts with bitcoin to be on countries main or official currency because decentralization doesnt really works for a centralized type of government which means there would really be
lots of adjustments that would really be done from being heavily centralized to decentralized which is something that they would consider it out.
September 20, 2021, 03:33:15 PM
with the adoption by the country of El Salvador of the adoption of bitcoin nationally in their country this is very positive for the survival of bitcoin, such as the discourse on the topic that there will be a second country where Paraguay is also seriously interested in bitcoin being adopted in that country, if this really happens it will have a very positive impact on bitcoin, bitcoin is currently in dire need of recognition from sovereign countries
Jump to: