Bitcoin news; Nhe South American country of Paraguay has submitted a bill to the national assembly to make Bitcoin a legal currency, following in the footsteps of El Salvador.
Congressman Carlitos Rejala introduced the Paraguayan Bitcoin bill, which, if successfully passed, will position Paraguay to move forward in line with this new generation.
“As I said a long time ago, our country needs to go hand in hand with the new generation. The moment has come, our moment. We start this week with an important project that will renew Paraguay in front of the world!”
The idea behind adopting Bitcoin as a legal currency has long been debated among cryptocurrency communities. El Salvador President Nayib Bukele has made a historic decision by officially persuading lawmakers to pass Bitcoin as the Legal Tender Act.
The roadmap for implementing Bitcoin law, learned from El Salvador’s current struggles, can be challenging. First, the International Monetary Fund (IMF) warned El Salvador of the legal and economic challenges that could affect the Bitcoin implementation and eventual transition.
Additionally, the World Bank rejected El Salvador’s request for assistance in implementing the plans, citing a lack of transparency and environmental considerations. Paraguay could face similar challenges if the government insists on this path.
Just as El Salvador plans to delve into Bitcoin mining through geothermal energy from its volcanoes, Rejala and proponents of the Bitcoin bill believe Paraguay could tap into excess hydropower for Bitcoin mining.
According to Euronews, most of Paraguay’s energy is currently sold to neighboring countries, including Brazil and Argentina. While the Bitcoin bill is still in its infancy, the country’s Bitcoin industry stakeholders are gearing up for the opportunities ahead.