Topic: Will Paraguay become the second country to legal for bitcoin after El Salvado? (Read 344 times)

We have heard of this kind of thing before that the country of Paraguay wants to follow in El Salvador's footsteps to adopt bitcoin, but we really hope that this process can be realized so that it can lift bitcoin back to a more stable price as it had a few years before, because at this time bitcoin really needs support from developing countries because currently bitcoin really needs support from sovereign countries

will paraguay become the second country to legalize bitcoin like el salvador,? over time bitcoin has become very popular, many companies have accepted bitcoin, even countries have thought of adopting bitcoin, I think paraguay will definitely follow el salvador's steps to legalize bitcoin, and accept bitcoin as their currency to make the economy they get better..

actually many countries are pro against bitcoin, but not exposed, and not many countries that make bitcoin illegal but  Most countries allow their people to use bitcoin. It's just that some have very strict regulations
and for paraguay itself, I think there will be a possibility like elsavador, let's see and wait, hopefully

Next maybe Ecuador. In all the other Latin American nations, the national currency is in circulation (including Venezuela). Awarding Bitcoin the same legal status as these currencies may put the national governments at a disadvantage, as it will weaken the national currency. And that will definitely happen. If Bitcoin is awarded the status of legal tender, then I am 100% sure that the national currencies will get devalued. And that is the reason why I am more optimistic about Ecuador. They don't have a national currency since 2000, when Ecuadorian Sucre was replaced with the US Dollar.

I also read this information. It seems to get the news mixed up. If Carlos Rejala’s bill is seeking to regulate crypto does it not then mean that it will drive foreign crypto investors away from the country despite the financial incentives? In fact, how does this even make Paraguay a crypto friendly country?

So far, in Paraguay, they are just pushing in the regulation of cryptocurrencies. Not yet making bitcoin as legal tender. However, such move is already positive as it will be a stepping stone when it comes to actually implementing btc as legal tender. For now, I think, it is too early for them to accept btc as legal tender. Just be grateful that they are positively looking at crypto businesses.

https://www.trtworld.com/business/paraguay-not-looking-to-make-bitcoin-a-legal-tender-lawmaker-47849

true as you said, we are just waiting for who will be the next follower of el salvador, because of all the articles that tell about the development of bitcoin, and advice in the news, we can only wait for which other country will follow the steps of el salvador, maybe paraguay, and other small countries like Tanzania, which are preparing to legalize bitcoin.

Actually there are many articles that are based on suggestions  and some trend in the news, only that, it is enough to accumulate some reasons and have a name of any country as a candidate.

There is not, it is the reality, but perhaps the important thing is that depending on who is next this only influences the long term and there is no immediate "revelry".

I think that after 8 years of hoping we can close down shop and move to a different continent and target other countries for the adoption title. Everything about Africa was just daydreaming, many simply mistaken the desire to earn some $ of the general public with real adoption of the concept behind crypto.


No, it's not pointing towards that at all.
Paraguay only has hydroelectric power, it has no other source, everyone operating there gets hydro so miners won't get some special treatment.
The sad news about this flip flop is that that the bill actually puts mining in a special position where the activities might be suspended or forced to close shop if the state thinks it puts a strain on the grid, it's nowhere near granting special access to cheap energy but actually telling miners that if there is extra demand for the power they will be the first to be shut down. This, with extra taxation, regulation, and need for a permit no matter the size of your operation will simply make things worse than they were.

For my part, I am OK with this bill. I don't expect a lot many countries to make Bitcoin as the legal tender (similar to what El Salvador did). Paraguay is having its own national currency, and therefore it is not practical to make BTC as the legal tender (in case of El Salvador, the national currency is no longer in use after 2001). And the restrictions that are being proposed are similar to those existing in other Bitcoin-friendly countries such as Japan and Germany. The problem is with the Bitcoin community. They don't have the patience to wait and want everything on a platter in a few days.

No, according to leaked document I saw few days ago, Paraguay will make Bitcoin as legal property and not as a legal tender, but bad news is that they are introducing a bunch of restrictions for bitcoin mining and crypto transaction:
https://www.thestreet.com/crypto/bitcoin/a-bill-to-regulate-bitcoin-in-paraguay-has-been-proposed

The good news, we will see many will add to the list of countries that legalize bitcoin in the future, many countries will monitor crypto developments in these two countries before following the steps to legalize bitcoin. There may be several countries that will announce the legality of bitcoin this year.

I thought that Africa is the place wherein there will be big bitcoin movement such as adoption and being used as legal tender. But this is all good news if some Latin and Central American countries will take the torch.

El Salvador already did it, and for sure there will be more in the next coming years. Of course it will be a big test as we all know that some of the countries there are under the influence of big monetary banks such as IMF and others. So it will be interesting how and what is El Salvador take if IMF will impose a different terms of them because of BTC.

Thanks for link of article. I had similar opinion but wasnt sure what can we expect next. Paraguay have another approach so we can speculate only now.For bigger changes need much time. So patience left us only.

Nothing going to happen like in El Salvador. In El Salvador Bitcoin is a legal tender, but Paraguay doesn't have a plan for something like that. You may read Leaked Draft Shows What’s Inside Paraguay's Proposed Bitcoin Law. I don't know how true is this news, but it looks like Paraguay more concentrating to regulate cryptocurrency. However, there would be an opportunity for miners and exchange to operate their business from there. Since Chine closed this opportunity, so there is the hope of an alternative solution for miners. We have to wait for the final decision.

Amazing they included the energy concerns in the bill they provided with congress. That is definitely professional approach. The statement goes like this “taking advantage of the renewable and inexpensive energy provided by hydroelectrics". So they are basically also pointing out that once bitcoin is official in the country they will have hydropower powering the farms. I mean if we indirectly connect the dot then this would be the case. Bitcoin is really seeing good movements this year. Despite the fact that it has corrected itself to whole new level, it’s gonna get huge demand in the near future. Just wanna say Go America Go and adopt more. 

Is Paraguay the second country to legalize bitcoin after El Salvador? maybe my answer is yes, maybe paraguay wants to find a new way to advance their economy, they have been observing bitcoin for a long time, maybe with them legalizing bitcoin, it will be a big change in their economy, because they must have known that many people have succeeded in playing bitcoin , if Paraguay accepts bitcoin in their country, maybe the unemployment rate in their country will decrease...

Paraguay's Bill is described as:

"Draft Law that regulates the industry and commercialization of digital and crypto assets"

It invites investors in cryptocurrencies: mining, exchanges and businesses in crypto to invest in Paraguay.
Backed by the legal, financial and fiscal security that the law promulgates.

With the approval of this draft of the Law of Paraguay, the country intends to compete in sustainable bitcoin mining.

Simply what other countries like China, Japan, the United Kingdom and more recently Italy reject. With this law of Paraguay, if it is approved, the country welcomes all investors of crypto assets.

Obviously, Paraguay seeks progress is a win-win project.

Bitcoin will simply make things worse, bitcoin is not some socialist tool to redistribute wealth.
Despite what some dream of it the reality is that BTC is just a bunch of code, nothing more, it doesn't have political views, it doesn't fight for social justice, and more important that all it has no will of its own and far more importantly it obeys the free economy rules. Meaning that whoever has money will be able to buy bitcoin, you're dirt poor you will not be able to afford anything.

So, what will change and how? The rich will have more bitcoins and the poor will still have none, bitcoin won't rain wealth on them, won't suddenly give them better jobs and training, and for sure it won't make the rich poor as in some socialist utopia.

Back to the topic, I don't understand why people still talk about Paraguay making Bitcoin legal tender, it's obvious this will not happen now and the bill they've presented has nothing to do with it. From a miner's perspective it makes things worse:


This is a damn 180 turn from what was supposed to happen, they went straight for regulation, asking for a license for every bitcoin elated activity and making mining without government authorization a crime. This ain't Salvador is China-style regulation.


So no legal tender, which means taxation, and guess what:


Probably the biggest flop, it would have been better if they would have just stayed quiet.

If this happens this will be much much bigger than El Salvador. The reason behind that is El Salvador didn't had any of it's own currency, people there used US dollar to transact with each other and government had made USD the legal tender so making bitcoin a legal tender for them wasn't a big deal as they were already not printing their own currency. But Paraguay has their own currency called Paraguayan guaraní which they print themselves if they decide to adopt bitcoin as the second legal tender it will be big because a country is even ready to forgo it's own legal tender to adopt bitcoin is something actually huge. Let's see how things unfold in Paraguay.

I have heard few other Latin American countries were also suppose to make bitcoin a legal tender. So I wouldn't be surprised to see if Paraguay becomes the next country to make it a legal tender. I am sure there are few other countries that will follow the same steps. That would be a great start for massive adoption.

There aren't "many" countries that made bitcoin illegal. Just few selected countries. Most of the countries allow their people to use bitcoin. It's just that some have very strict and absurd regulation in order to control bitcoin in their country.

at this time there.are still many countries.that are pro to the crypto world even though there.are also many prohibition.but countries.that support crypto are still a little hesitant.to talk about crypto in front of the public.and are still secretly and it.is also worth giving a thumbs.up for them.such as For example, Paraguay will adopt.bitcoin as a legal currency, even though.it's only a discourse.that they put forward, but this can.also be proof that they do support bitcoin even though it's not directly

Governments did not care when Bitcoin has a price of few cents. It is kinda of digital asset that can be exchange between people, two trade partners. Who care that Bitcoin is a currency or not? Governments let it be like that.

When price becomes expensive, more scam attempts from bad guys, governments have to take more serious actions. Agree with their regulations or not, it is how society works.

With Bitcoin, we have our own bank, and have full control on our transactions but if you want to trade BTC to fiat, take profits, now and in the future, you will have to accept regulations from governments.

I see it is a good thing, now and in future.

even though bitcoin is not controlled by the government, bitcoin is still growing, and bitcoin is still everyone's favorite choice, the proof is that bitcoin still survives today, but if the government has started legalizing bitcoin this might be good news, equally profitable, if paraguay wants to legalize bitcoin, most likely other countries will follow the steps of paraguay..

The government's recognition of Bitcoin is good, it is the media that hasn't really publicized this kind of news which I think contributes to the slow adoption of BTC.
Even the Paypal and Visa adoption of Bitcoin which I really think is a big step had not even reached the monitors of regular people.

Paraguay or any other countries in Southern America had already started using Bitcoin like Brazil, they don't even need to have it as legal tender but then it's probably just for making it legit and that government could also release their own wallet.

Does this mean Bitcoin is going to the moon $$$$$

I wonder, what is the biggest factor influencing Bitcoin-in the future-if a certain country enforces a law for Bitcoin users in that country-could it affect the value as it did a few months that have passed over ATH...
what are the positive effects if it happens in 5-10 countries.

Yes it doesn't need to but I think that the recognition of the government is a good thing to have even if it doesn't look like it's that needed, I mean the credibility behind that recognition is worth chasing for and I think that the recognition of the few countries is going to be a good foundation to establish a global adoption of bitcoin.

It doesn't matter much which country is next, as long as there will be more who will follow the trend.
El Salvador made history, but I'm certain that it's not easy to be alone in this. So yeah, we want moar. No matter who, just let be moar!

Paraguay is in serious need to wealth distribution equality. Read the article below,

https://www.worldfinance.com/markets/the-underground-economy-of-paraguay

It says, "The distribution of wealth is very unequal: 80 percent of land is held by 2.5 percent of the population, and 161 people control 90 percent of the wealth of our country."

I hope bitcoin help this country to come out of this situation and probably streamline their wealth distribution.

true as you say this can be good news for all bitcoin lovers, if paraguay wants to follow the steps of el salvador in legalizing bitcoin, and accept bitcoin in their country, i think other countries will think about the same thing, because of the impact of bitcoin real, if we are smart and patient in playing bitcoin, it will definitely provide good benefits for us...

Here is leaked translated version of Bitcoin bill in Paraguy, that will register Bitcoin as property and not as a legal tender, while bitcoin mining will be much more regulated than now.
All mining operations will need to be approved and overseen by an authority and mining outside of the legal framework will be disciplined and sanctioned.
There will also be monitoring and controlling of Bitcoin transaction (I am not sure how exactly they can enforce that) and people failing to comply will be punished.
https://www.thestreet.com/crypto/bitcoin/a-bill-to-regulate-bitcoin-in-paraguay-has-been-proposed

I believe this is great and this is a very good news because bitcoin is spreading rapidly and I believe in the next few year's lot's of countries will have accepted bitcoin and bitcoin will become legal digital currency very soon which you can easily make transactions with at any moment I believe very soon more countries will also accept bitcoin and I believe this will definitely pump bitcoin price so if you are not having bitcoin in your wallet you can definitely bag bitcoin now and hold.

This is true.

Even there's no news that they've made it as a legal tender, they're still pro bitcoin and that's still a good news. Until today, those countries have been consistently a crypto friendly country.

But making it as a legal tender seems a bit different with those news and the impact of it is big on these media companies.

Yeah this is great. Rejala has been tweeting about it right since Nayib Bukelele declared his intentions. Apart from Paraguay, there is the small pacific island nation of Tonga looking to bring in bitcoin through legislation.

They are essentially trying to be a hub for crypto companies. Bitcoin should be the first step in any case. I personally have high hopes from Latin America. These people have seen a lot of suffering and violence but are culturally pretty creative and technologically sound. I hope they can stop being footnotes in America's "War on Drugs". I am sure the descendants of some of the richest ancient civilizations have more to offer than winning the tags for the most violent countries in the world. Its just all so backwards. Ditto for our African brothers. Bitcoin fixes this.

what people are missing is that bitcoin has been growing all around the world but since the media always covers the BIG news that gives them most amount of visitors we only hear about those ones even if the news is fake like with China!
there are a lot of countries that have been silently adopting bitcoin, most of them with open arms but it is always people who are adopting bitcoin regardless of their government. and that the important thing, the rest is just drama.

this is a good step taken by Rejala, a businessman and Paraguayan parliament, we can only pray that the road that Rejala is taking goes smoothly, and there are no obstacles, because more and more countries are legalizing bitcoin, bitcoin is more widely known to all people, because more challenge, bitcoin is growing, we'll see what china will do after paraguay legalizes bitcoin..

At tip of iceberg, it sounds good for national legal adoption in specific nations or local areas.

However, the bigger matter would be whether the world accept such ambitious and financial incentivized plans from some nations. I guess they won't and IMF won't.
Honestly, I don't think Bitcoin need any legal allowance as national currency in order to go to mainstream.

Bitcoin is there with us, to give own banks for bitcoiners who hold their private keys. With keys, bitcoiners can make transactions without intervention from governments. Obviously, they need bitcoin miners to find blocks and confirm their transactions.

I am quite interested in this move, hopefully it will be the next shot to start a new historic dream for bitcoin!  It will come very soon, let's see what is the reaction of bitcoin?
Read it: https://www.euronews.com/next/2021/06/22/is-paraguay-set-to-become-the-second-country-to-make-bitcoin-legal-tender-after-el-salvado