Rumors have been circulating for days that Paraguay will follow suit after El Salvador became the first country to introduce the cryptocurrency.

However, Paraguay is in no hurry to make Bitcoin legal tender as previously believed.

Paraguay is not making Bitcoin legal tender

Prague lawmaker Carlos Rejala, who accidentally caused a stir in early June with a tweet, confirmed last Friday that he was pushing for a bill to regulate cryptocurrencies instead of making them legal tender.

For days, crypto advocates have been wondering whether Paraguay will become the second country in the world after another Latin American neighbor – El Salvador – announced that Bitcoin could be used as money.

Soon there were rumors on the internet that the capital Asuncion would follow suit.

But central lawmaker Rejala said, “This is a digital assets law and it is different from El Salvador because they treat it like a legal currency and that would not be possible in Paraguay.”

Carlos Rejalas Paraguay is just pushing for a law to regulate cryptocurrencies

El Salvador’s President Nayib Bukele said Thursday that the newly passed legal tender law for Bitcoin will come into effect on September 7, making the Central American country the first in the world to do so.

Bukele said he was confident the project could be a success and a “great leap forward for humanity” despite the refusal of the World Bank to provide technical assistance and the International Monetary Fund, which raised concerns.

In Paraguay, Rejala said that while there was no majority in the National Assembly and lawmakers with other parties were interested in his proposal, he was confident that the law would be passed.

The 36-year-old, who leads a small political party with a total of four seats in the National Assembly, is currently trying to raise support for the passage of his law regulating digital assets. He is working on three bills that he intends to propose on July 14th.

“We want regulators and banks to interfere so that Paraguayans or foreigners can legally operate these assets because we know that there are illegal transactions here and in other countries,” he said. We want to be a crypto-friendly country. “

To join Facebook groups and Telegram group of Coincu News to chat with more than 10,000 other people and exchange information about the crypto currency market.

Important NOTE: All content on the website is for informational purposes only and does not constitute investment advice. Your money, the choice is yours.