Paraguay more closer to adopt cryptocurrencies but not as currency

Paraguay is now much closer to adopting cryptocurrencies under the newly modified drafted bill.

Paraguay is a central American country and now it is showing huge inclination toward the regulation of cryptocurrencies. However, country have no plans to adopt cryptocurrencies used in the payment system like El Salvador’s Bitcoin law Act, which provides legal clarity to the citizens to use Bitcoin as a currency.

Recently in a special session, deputies voted by a margin of 40-12 in support of approving the modified crypto law draft.

This bill was expected by the Senate’s initial acceptance of the law in December 2021. But at the latest, the Chamber of Deputies’ revisions will need the Senate to reconsider the draft before sending it to get approval from the president.

Initially, this bill was filed in the Paraguayan Senate in July 2021 and it was aimed to provide legal clarity to the commercial activity involving crypto assets. And also involves licensing and overseeing cryptocurrency mining platforms and services, under the regulatory framework. However proposed legislation was not aimed at making any Cryptocurrency legal tender or used as a currency directly but the whole crypto industry was looking at Paraguay as a second country like El Salvador, which adopted Bitcoin as currency in September 2021. 

Opportunities for Paraguay with cryptocurrencies adoption

However crypto adoption is now becoming a very common thing for the countries to some significant extent but here current active engaged countries, that are looking to jump in the crypto industry, want to grab advantage as a first mover in the world.

Initially, El Salvador president Nayib Bukele introduced the Bitcoin adoption idea under many types of advantages, which include Bitcoin mining & easy banking services for citizens as the main reason to adopt Bitcoin.

Paraguay also has an ecosystem more likely El Salvador and also the government of Paraguay will try to take advantage of the Worldwide high-cost electricity situation as a beneficial fact to generate Bitcoins with the help of thermal energy power plants, more likely to El Salvador.

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