Topic: will Paraguay be the next to make Bitcoin ‘official currency’ (Read 428 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
September 20, 2021, 02:54:44 PM
what has been done by the country of El Salvador by adopting bitcoin as a legal transaction tool in their country is a revival for bitcoin, this time it's the turn of the country of Paraguay who wants to follow in the footsteps of the country of El Salvador to adopt bitcoin nationally in countries located on the Latin American continent If this is really realized.it is not impossible that bitcoin will return to the way it was before, because at this time bitcoin really needs recognition from sovereign countries for the process of bitcoin's survival in the future
el salvador is indeed starting to improve for their future and it can be said that they are one step ahead with the actions they dare to take.but of course the adoption of bitcoin is not an easy thing to do, especially for one country because they really need to think carefully in making decisions because this is related to state assets and the existing economy.
and of course there must be pros and cons just like the beginning of elsavador adopting bitcoin.
it's good enough if there are more countries adopting bitcoin but indeed until now there is still no sign of other countries following besides Paraguay's incessant.
September 20, 2021, 11:38:01 AM
Official currency? is it the only one as a means of payment later for the country of Paraguay? I would prefer if they just legalized Bitcoin without having to set aside the initial legal payment money. However, this will not be fully supported, we see there is always an opposition and to stabilize the economy in Paraguay, the government thinks twice about making Bitcoin the only legal tender. Look at El Salvador, they also don't make Bitcoin the only one. This of course can create stability. Even there, even though there are two payment alternatives, there are still pros and cons, let alone one payment instrument. Bitcoin is quite adopted as a second alternative. So that people have the freedom to use it.
September 20, 2021, 11:26:27 AM
Well i hope they do, if they want to bring even more investors beyond mining, which is a good idea for the long term as mining won't be profitable forever.
They have their own fiat coin, they can have both as legal tender during the transition, until people stops bothering with fiat on their own.
If they do it, they will seize an opportunity that isn't coming back again. So they could have in South America a big advantage, simply by adopting first. But time is of the essence, all we wonder now is which country will be the second, then the third, fourth...
The first ones get more wealth early. The world market isn't going to wait for the politicians.
They have their own fiat coin, they can have both as legal tender during the transition, until people stops bothering with fiat on their own.
If they do it, they will seize an opportunity that isn't coming back again. So they could have in South America a big advantage, simply by adopting first. But time is of the essence, all we wonder now is which country will be the second, then the third, fourth...
The first ones get more wealth early. The world market isn't going to wait for the politicians.
September 20, 2021, 10:55:05 AM
Paraguay is said to want to become a crypto center in the Latin American region. They also want to be a model for other countries in terms of legalizing crypto money as a means of payment.Rejala revealed his plan after Bitcoin was used as a transaction tool in his country. He said that he would work to encourage other countries to make Bitcoin a legal transaction tool. If Paraguay succeeds in doing that, I think it will be great for bitcoin, and all other cryptocurrencies..
September 20, 2021, 10:48:25 AM
el salvador has opened the eyes of other countries to be able to see more clearly the advantages of adopting bitcoin, and legalizing bitcoin, it may not be easy for countries to legalize bitcoin, let alone make bitcoin a currency, but if el salvador is able to make their economy thrive by legalizing bitcoin, I am very sure not Paraguay, other countries will follow El Salvador's steps.
September 20, 2021, 10:47:35 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.
But you have to understand those protesters and who set fire some bitcoin ATM? what are their intentions? who are the people behind? are this protestors part of a group of people being finance by some entities to disrupt El Salvador's road to BTC?
If Paraguay official become the next country after El Salvador, for sure they have learn some lessons already, like local wallets going down and crashing, Paraguay could mitigate it. So this is welcoming news and hopefully it will happen within the year.
If only you would answer the questions you have asked yourself so that I and everyone here can understand the problem.
I mentioned Bitcoin education before the official launch of Bitcoin recognition in this country.
There are spoilers everywhere in the world, and they have their own reasons. We can never anticipate every problem. But experience is a valuable thing that Paraguay they asked from El Salvador about the Bitcoin path they took.
September 20, 2021, 10:33:37 AM
On Jun 7, Rejala outlined his vision for Bitcoin use in Paraguay, saying he was working with “the Paraguayan crypto community in order for Paraguay to become a hub for the crypto investors of the world and subsequently to be placed among the ones on the cutting edge of digital technology”. In next months we will have clearer situation probably.
September 20, 2021, 10:23:41 AM
what has been done by the country of El Salvador by adopting bitcoin as a legal transaction tool in their country is a revival for bitcoin, this time it's the turn of the country of Paraguay who wants to follow in the footsteps of the country of El Salvador to adopt bitcoin nationally in countries located on the Latin American continent If this is really realized.it is not impossible that bitcoin will return to the way it was before, because at this time bitcoin really needs recognition from sovereign countries for the process of bitcoin's survival in the future
Bitcoin is making huge developments this time making it as a legal tender in El Salvador. And here's Paraguay which will be the second nation to prose bill making bitcoin as a legal tender. Carlitos Rejala, a big supporter of bitcoin, said that the bill will help position the country to trail the path of growth for the next generation. And since Paraguay has a lot of cheap renewable energy so there is no doubt that it can really become a crypto hub.With the positive treatments that bitcoin has been receiving now, it will create more possibilities that more countries are going to take advantage of it as a currency, more than just as an investment.
because this is a very large one and needs to be carefully planned because it is indirectly related to state assets.
but it would be great if this could happen because more and more people will accept bitcoin and adopt it and what the Paraguayan government is doing is one of the right things and what they have to do is take the heart and trust of those who are against it. with this decision
September 19, 2021, 06:03:56 PM
Most likely it will be the next to make Bitcoin legal tender. Countries in South and Latin American are leading the charge, so maybe after the Paraguay Congress approved it, then obviously it will be take effect and maybe they will also airdrop some $30 worth of bitcoin just like what El Salvador did to their citizens, to get "used" to it. Of course there will be problems initially like what El Salvador experience, but hopefully Paraguay would have anticipated and prevent such issues to arise. So maybe in the next 2 short years, mostly countries in that region are making Bitcoin as legal tender already.
September 19, 2021, 05:43:51 PM
what has been done by the country of El Salvador by adopting bitcoin as a legal transaction tool in their country is a revival for bitcoin, this time it's the turn of the country of Paraguay who wants to follow in the footsteps of the country of El Salvador to adopt bitcoin nationally in countries located on the Latin American continent If this is really realized.it is not impossible that bitcoin will return to the way it was before, because at this time bitcoin really needs recognition from sovereign countries for the process of bitcoin's survival in the future
Bitcoin is making huge developments this time making it as a legal tender in El Salvador. And here's Paraguay which will be the second nation to prose bill making bitcoin as a legal tender. Carlitos Rejala, a big supporter of bitcoin, said that the bill will help position the country to trail the path of growth for the next generation. And since Paraguay has a lot of cheap renewable energy so there is no doubt that it can really become a crypto hub.With the positive treatments that bitcoin has been receiving now, it will create more possibilities that more countries are going to take advantage of it as a currency, more than just as an investment.
September 19, 2021, 03:43:20 PM
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.
At the moment, several countries are already taking part in the race to see which of them will be the next in which cryptocurrencies will be legalized. It looks like there are already three of them.
You named Paraguay,
Ukraine: https://www.cnbc.com/2021/09/08/ukraine-legalizes-bitcoin-and-cryptocurrencies.html
Laos: https://bitcoinmagazine.com/culture/asian-nation-laos-to-legalize-bitcoin-mining-and-trading
This is really very important information for the entire crypto world. I think we can expect another bull run soon.
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.
At the moment, several countries are already taking part in the race to see which of them will be the next in which cryptocurrencies will be legalized. It looks like there are already three of them.
You named Paraguay,
Ukraine: https://www.cnbc.com/2021/09/08/ukraine-legalizes-bitcoin-and-cryptocurrencies.html
Laos: https://bitcoinmagazine.com/culture/asian-nation-laos-to-legalize-bitcoin-mining-and-trading
This is really very important information for the entire crypto world. I think we can expect another bull run soon.
September 19, 2021, 03:36:26 PM
what has been done by the country of El Salvador by adopting bitcoin as a legal transaction tool in their country is a revival for bitcoin, this time it's the turn of the country of Paraguay who wants to follow in the footsteps of the country of El Salvador to adopt bitcoin nationally in countries located on the Latin American continent If this is really realized.it is not impossible that bitcoin will return to the way it was before, because at this time bitcoin really needs recognition from sovereign countries for the process of bitcoin's survival in the future
September 19, 2021, 03:31:38 PM
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.
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.
"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
The world is changing rapidly and seeing that Paraguay is wanting to accept bitcoin as a legal tender means a lot. More countries would follow suit if they see that it turns out to improve their economy.
September 19, 2021, 03:07:21 PM
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.
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.
El Salvador is a recent body of water that accepts bitcoin making payments in bitcoin and we see this as a step towards making bitcoin popular. and if Paraguay is the next country to accept bitcoin then this is good news for our bitcoin. September 19, 2021, 02:49:21 PM
If they are already about talking about legislating bitcoin then there's already a chance that they're going to make it as a legal tender. But I do not want to expect a lot from it.
It can also be that they're supporting bitcoin but they don't have to declare it as a legal tender and that means, that all forms of transactions that will happen in bitcoin is totally legal and supported by Paraguay's government. Well, either of the two, they're both great if they pass that legislation favoring bitcoin.
It can also be that they're supporting bitcoin but they don't have to declare it as a legal tender and that means, that all forms of transactions that will happen in bitcoin is totally legal and supported by Paraguay's government. Well, either of the two, they're both great if they pass that legislation favoring bitcoin.
September 19, 2021, 02:34:35 PM
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.
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.
I think Paraguay is much different than what we saw play out in El Salvador. We may never see another country ever adopt Bitcoin as an official currency because most advanced countries are now looking at building out their own blockchain with a local currency. El Salvador was in a different situation to Paraguay, because it was already using the US dollar as its currency which meant it had already given up all control from the central bank and was at the mercy of the US federal reserve. Paraguay still issues its own currency and it would be more damaging if they decided to accept two currencies. If the end goal is just to bring down fees involved with transferring money, then there are much easier ways for a government supported scheme to achieve it without full adoption.
September 19, 2021, 11:45:31 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.
But you have to understand those protesters and who set fire some bitcoin ATM? what are their intentions? who are the people behind? are this protestors part of a group of people being finance by some entities to disrupt El Salvador's road to BTC?
If Paraguay official become the next country after El Salvador, for sure they have learn some lessons already, like local wallets going down and crashing, Paraguay could mitigate it. So this is welcoming news and hopefully it will happen within the year.
September 19, 2021, 11:44:10 AM
Until now, Paraguay is one of the countries that is most vocal in speaking and at the forefront of adopting. bitcoin but of course this is still confusing because until now there has been no official statement from the government of paraguay regarding this.
but if this really happens, I think they need to pay attention and improve the way and the system so that the case is not the same as elsavador where today there is still turmoil between the pros and cons.
but even if this is still not answered right or wrong at least this is pretty good news from bitcoin.
but if this really happens, I think they need to pay attention and improve the way and the system so that the case is not the same as elsavador where today there is still turmoil between the pros and cons.
but even if this is still not answered right or wrong at least this is pretty good news from bitcoin.
September 19, 2021, 11:25:06 AM
That will be an advantage not just for Bitcoin but also for Paraguay. Just like other countries, there will surely be people who would stand against it but since there's a huge population of Bitcoin users in the said country, I'm sure that this kind of adoption wouldn't be too impossible for them especially now that other countries are also starting to adopt Bitcoin.
September 19, 2021, 11:23:44 AM
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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.
~
I don't really follow the political developments in Paraguay but I'm sure this issue wouldn't have spread if there wasn't any discourse going on thereIn 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.
~
El Salvador government's decision to recognize bitcoin as a legal tender has definitely made other countries shake and start paying great attention to bitcoin
I don't really like speculation, so what we should do now is wait patiently for official news from the Paraguayan government that they accept bitcoin as a legal tender, I am 100% sure that Paraguay will be the next country to recognize bitcoin as a legal tender
September 19, 2021, 11:22:45 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.
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.
September 19, 2021, 09:21:15 AM
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.
September 19, 2021, 08:57:55 AM
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.
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.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 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.
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
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 19, 2021, 07:00:54 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.
September 19, 2021, 06:37:17 AM
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..
September 19, 2021, 06:22:27 AM
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.
September 19, 2021, 04:15:55 AM
Paraguayan congressman had stated that he would be introducing legislation to legalize Bitcoin in his nation.
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.
September 19, 2021, 03:30:20 AM
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.
September 19, 2021, 03:29:06 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.
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.
"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
September 19, 2021, 03:23:28 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.
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.
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.
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