will Paraguay be the next to make Bitcoin ‘official currency’ - page 3.

taufik123

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Quote from: electronicash on September 19, 2021, 07:57:36 AM

one visible indication that the country is going in the same direction as El Salvador is if their president is as popular as Bukele and can execute his political will without having so much commotion from the opposition. if their president can't do that then he'll have to struggle if declaring BTC is also his plan. it would be good to see if it's him that initiates in introducing legislation to legalize Bitcoin.

Healthy politics and no clashes and vengeance from the opposition is likely to be difficult. The current government of El Salvador is still in conflict with groups of people who do not agree with the legalization of bitcoin.
Paraguay will probably have its own strategy to address the pros and cons of bitcoin adoption. Laws regarding bitcoins must certainly be made and promulgated if they intend to legalize bitcoins.

masterrex

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I think that's highly possible, Bitcoin will be adopted as legal tender in Paraguay, it is already a hot topic in the previous months after El Salvador adopted Bitcoin as a legal tender, Paraguay a South American country is also experiencing economic hardship, and the burden of inflation is also affecting its currency maybe those politicians have seen the potential of Bitcoin to help ease the burden of inflation and consider Bitcoin as a reserve currency. Anyway, for the better let us wait and see what will happen next because it seems that pronouncement was based only on a political campaign promise, and nothing is final yet.

uneng

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That is just a campaign promise in case this congressman is elected in 2023 for the presidency of the country. Probably a marketing strategy to get attention from the media and in special from the young public that is a well known enthusiast of crypto currency worldwide.

Quote from: DdmrDdmr on September 19, 2021, 07:50:27 AM

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

For a congressman 1,95% of votes is a very expressive percentage. Most congressmen are elected with 1% or less.

electronicash

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one visible indication that the country is going in the same direction as El Salvador is if their president is as popular as Bukele and can execute his political will without having so much commotion from the opposition. if their president can't do that then he'll have to struggle if declaring BTC is also his plan. it would be good to see if it's him that initiates in introducing legislation to legalize Bitcoin.

DdmrDdmr

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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

dkbit98

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Quote from: Nathrixxx on September 19, 2021, 01:45:50 AM

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 you didn't notice so far, things in El Salvador are not so great as we may think, people are protesting all the time they even burned down Bitcoin ATM and many of them are against president Bukele, and they love dollars.
I am not sure what the political situation is in Paraguay, but their national currency PYG Paraguayan Guarani is not looking so great and it suffered sever inflation several times in history.
1 USD = 6,900 PYG and having few Bitcoins would probably make you rich in Paraguay because 1 BTC is around 330 million PYG, and their average monthly salary is around $300.
We know that dollar is inflating all the time, but all other currencies are in worse position including PYG, like you can see in ten year chart below:

https://www.xe.com/currencycharts/?from=PYG&to=USD&view=10Y

It's just a matter of time when next country will adopt Bitcoin as their currency next and I think Paraguay have a good chance for doing that among first, and cascade of events will force other countries to do the same.
I think that only lunatics and deluded people would hold fiat currencies now depending on them in next few years, while they close their eyes for Bitcoin.
Maybe it's time we think about firing all governments that ignore or ban Bitcoin, after all they are all working for us and we pay them with taxes all the time.

Dhoe

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in the future there will be other countries that consider Bitcoin as a legal means of payment like El Salvador. By adopting blockchain technology, Bitcoin can solve the financial problems of developing countries and poor countries in the world. I think it is not only Paraguay that will apply to make bitcoin a legal currency, other countries will also follow El Salvador's footsteps..

cryptoaddictchie

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Possibly. There is a candidate for President that shows his cryptocurrency support when he became one. But I dont want to think that he only do that if he wins and if not if he loses. Bitcoin adoption comes from a responsibility and must be uphold whether the condition isnt favorable to him. But if he wins, solely his focus shouldnt be alone on that aspect but do his duty as leader of his country and not just bound by hype brings by El Salvador country.

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Quote from: Nathrixxx on September 19, 2021, 01:45:50 AM

Quote from: https://ambcrypto.com/after-el-salvador-will-paraguay-be-the-next-to-make-bitcoin-official-currency/?utm_source=thecryptoapp

Paraguayan congressman had stated that he would be introducing legislation to legalize Bitcoin in his nation.

One congressman can not do anything to approve a new legislation. He needs support from others.

Legalization is used very popularly after El Salvador's Bitcoin legal tender. I could be wrong but I believe the global legalization won't become true soon. Only social media help whales and market makers to trigger greed mood among investors.

I would prefer to pay my attention on Taproot activation in this year than legalization because they can be fake news. Taproot activation is a real event and was prepared by Bitcoin developers and community many months.

fiulpro

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The country is trying to add bitcoins in their legislation which is honestly something that people predicted because of the tweet that came earlier this June and apparently the congressman is showing some positive attitude towards bitcoins. But at the same time we should realize that, it's not enough. We have seen this happening in many other countries as well and most of them are not able to handle it for a longer period of time. What I do think is that, the drafts were already set to be presented in July and at the same time this is taking a lot of time. Legislation would not 100% mean that it would be competent to El Salvador rather, the world bank apparently declined the offer and therefore there is still time. We have to hold our horses and monitor the news more wisely.

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Quote from: Nathrixxx on September 19, 2021, 01:45:50 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.

Quote from: https://ambcrypto.com/after-el-salvador-will-paraguay-be-the-next-to-make-bitcoin-official-currency/?utm_source=thecryptoapp

Paraguayan congressman had stated that he would be introducing legislation to legalize Bitcoin in his nation.

"official currecy" - correct form is legal tender.

From the quote you put in OP we are talking about legalizing Bitcoin which is far different from making it legal tender but yes, It looks Paraguay is pro bitcoin and may be the next El Salvador. The thing is that El Salvador did not have its own currency before. They were using American Dollar and now Bitcoin and American Dollar. Paraguay have Paraguayan guaraní. So I'm interrested how they will play it out.

Edit:
Crypto community also agrees that Paraguay will be the next country to set BTC as legal tender.
https://coinmarketcap.com/legal-tender-countries/
A good step forward since Paraguay economy is 50% bigger than El Salvador

firesurfer

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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.

Nathrixxx

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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.

Quote from: https://ambcrypto.com/after-el-salvador-will-paraguay-be-the-next-to-make-bitcoin-official-currency/?utm_source=thecryptoapp

Paraguayan congressman had stated that he would be introducing legislation to legalize Bitcoin in his nation.

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