Paraguay is set to follow after El Salvador’s bold move of making Bitcoin a legal tender in its region as the South American country is set to Legislate Bitcoin. As reported by CryptoTVplus recently, one of the top politicians in the country suggested that legalization news should be expected. The legislation would popularize the use of Bitcoin in local commerce in Paraguay.
Congressman Carlitos Antonio Rejala Helman is set to present the Bitcoin bill to the Paraguay Parliament. He suggested that the legislation would take place next month, July, 2021. Helman revealed this via his twitter handle where he stated “July we legislate!”
The move by the Congressman is said to be targeted at attracting international companies and Bitcoin mining companies to Paraguay. He believes the bill will be accelerated to implementation if the local people aid it;
See also:World Bank Refuse to Offer Help to El Salvador Per Bitcoin move
“We are talking about leading Paraguayan entrepreneurs who have a lot of influence over the youth. This is extremely important because it will be much easier for my fellow deputies to support the bill if there is social support at a local level,” Rejala said as reported by Coindesk.
Grupo Cinco to Accept Crypto Payments from July
However, the announcement from the Congressman came with the news of an entertainment industry in Paraguay that started accepting payments in crypto. Grupo Cinco, the self acclaimed largest entertainment firm in the region is set to accept payments in cryptocurrencies from July.
The company will accept Bitcoin, Ethereum alongside Meme coin Shiba Inu and Chilliz at its 24 subsidiaries around Paraguay. The company operates subsidiaries such as pubs, restaurants and nightclubs.
The entertainment company partnered with Bitcoin.com.py, a local mining company to help facilitate the payments in crypto according to Sosa. The vendors would have options of keeping the crypto or changing to Fiat. Paraguay has no regulation as regards cryptocurrency assets like Bitcoin so, they’ll be considered as digital assets for now by Group Cinco.
