Paraguay legalizing Bitcoin, a government official said this week.
The South American country suffers from the economic decline and the ill-fated effects of printing dollars in the United States. But authorities are turning to Bitcoin to offset some of these side effects, making it one of the first nations South American to legalize the cryptocurrency.
making bitcoin moves
Carlitos Antonio Rejala Helman, deputy of the Nation and member of the Congress of Paraguay, wrote on Twitter last night: “This is Paraguay. In July we legislate! #Bitcoin. ”
The comment came in response to a tweet from Paraguay Entertainment Group, the country’s largest entertainment company, which said it would accept Bitcoin, Ethereum, Shiba Inu and Chiliz starting next month.
— Carlitos Rejala 🙏🇵🇾🙌 (@carlitosrejala) June 17, 2021
Helman did not comment or provide additional information in this regard. However, he hinted in June that authorities were possibly working with PayPal on a Bitcoin-related project for the country.
“As I said a long time ago, our country needs to move forward hand in hand with the new generation. The moment has arrived, our moment. This week we start with an important project to innovate Paraguay in front of the world! ” He said at the time, adding the words “Bitcoin” and “PayPal” to the end of his tweet.
As you decided to have a good time, our country needs to advance from the hand of the new generation.
Llegó the moment, our moment.
This week we embarked on an important project to innovate Paraguay in front of the world!
— Carlitos Rejala 🙏🇵🇾🙌 (@carlitosrejala) June 7, 2021
With development, Paraguay joins several other countries in Latin America by turning to Bitcoin or considering a greater role for the asset in its financial system.
As CryptoSlate has previously reported, Mexican senators, Panamanian officials and other high-ranking officials from Brazil, Colombia and Argentina are taking steps towards the rapid adoption and inclusion of cryptocurrencies. The meme at once looks like it’s working.