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Paraguay follows El Salvador in Introducing Bitcoin Law, crypto revolution underway

As confirmed by Paraguay’s deputy, Carlitos Rejala, there are plans to discuss the formal legalization of Bitcoin next month. Since El Salvador took the step of recognizing Bitcoin as legal tender, politicians from several other Latin American countries have also signaled a similar intention.

So far on the list of potential countries that want to legalize BTC are Paraguay, Panama, Brazil, Mexico and Argentina. Undoubtedly, this means a massive boost for cryptocurrencies in general. But as the disapproval of the IMF and the World Bank show, the road to mass adaptation will not be smooth.

Paraguay to discuss Bitcoin Adaptation next Month

Since February this year, the use of red “laser eyes” has gained popularity to signal support for Bitcoin. The origin of this meme is unclear, but it is part of an effort to push the value of Bitcoin to $100,000.

Several politicians from the above countries have adjusted their profile pictures on social media according to the meme. This includes Paraguay’s national deputy Carlitos Rejala.

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When news of the legalization of Bitcoin in El Salvador leaked earlier this month, Rejala posted a message referring to the importance of embracing technological innovation. He added that Paraguay is working on a project with Bitcoin and PayPal to make this possible.

“As I said a long time ago, our country must move forward hand in hand with the new generation. The moment has come, our moment. This week we start with an important project to renew Paraguay before the world! The real one to the moon #btc &#paypal.“

On Thursday, Rejala tweeted that he plans to introduce Bitcoin legislation next month. The exact details, are currently unknown. Industry experts widely expected Paraguay to emulate El Salvador’s legal tender bill.

El Salvador faces opposition

Since Bitcoin received parallel currency status in El Salvador, both the IMF and the World Bank have expressed their disapproval on the matter. An IMF spokesman said that this affects El Salvador’s loan application. President Bukele wants to borrow $ 1 billion to plug the budget holes created by the pandemic.

“The introduction of Bitcoin as legal tender raises a number of macroeconomic, financial and legal issues that require very careful analysis.“

Similarly, the World Bank, when it asked for technical assistance in launching Bitcoin in the country, said that environmental and transparency issues prevent it from getting involved.

“Although the government has approached us to get support for Bitcoin, this is not something the World Bank can support given the environmental and transparency deficiencies.“

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