Following El Salvadorās move to adopt Bitcoin as legal tender, leaders in Argentina, Brazil, Panama, and Paraguay have taken to social media to post endorsements of the asset.
Shutterstock cover by Iurii Dzivinskyi
Key Takeaways
- Latin American politicians in Argentina, Brazil, Panama, and Paraguay have taken to social media to show support for Bitcoin.
- The posts follow El Salvador President Nayib Bukeleās announcement that he has hopes of making Bitcoin legal tender.
- Panamaās Gabriel Silva said that he would be preparing a proposal to āsupport cryptocurrencies,ā while Paraguay is expected to announce a project involving Bitcoin and PayPal imminently.
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Latin American leaders seem to be embracing Bitcoin.
Latin American Officials Endorse Bitcoin
Latin American politicians are backing Bitcoin on social media.
Leaders in Argentina, Brazil, Panama, and Paraguay have hinted at their interest in the digital asset over the last few days, with some suggesting that they will be taking steps to help Bitcoin adoption grow.
The wave of messages come days after El Salvadorās President Nayib Bukele announced that he would be submitting a bill to make Bitcoin legal tender this week. Strike founder Jack Mallers introduced a pre-recorded message from Bukele at Bitcoin 2021, confirming that he had helped with the process. The company will open up an innovation HQ in El Salvador.
Since the Saturday announcement, various officials have come out in support of Bitcoin.
Paraguayās Deputy of the Nation, Carlitos Antonio Rejala Helman, took to social media Monday to reveal that the country would commence āan important project to innovate Paraguay in front of the world.ā Rejala Helman also tagged BTC and PayPal in his post and posted a photo of himself donning the laser eyes meme that caught on among Bitcoin fans earlier this year. Full details of the plans are yet to be revealed.
Gabriel Silva, a Congressman in The National Assembly of Panama, then shared a post of Bukeleās in which the El Salvador leader had mentioned Bitcoin, detailing his intention to make the country a cryptocurrency hub. He wrote:
āPanama cannot be left behind. If we want to be a true technology and entrepreneurship hub, we have to support cryptocurrencies. We will be preparing a proposal to present at the Assembly. If you are interested in building it, you can contact me.ā
Esto es importante. Y PanamĆ” no se puede quedar atrĆ”s. Si queremos ser un verdadero hub de tecnologĆa y emprendimiento tenemos que apoyar las criptomonedas
Estaremos preparando una propuesta para presentar en la Asamblea. Si estƔn interesados en construirla me pueden contactarte https://t.co/yiAzPpD9nj
ā Gabriel Silva (@gabrielsilva8_7) June 7, 2021
Bitcoin as an Inflationary Hedge
Fabio Ostermann and Gilson Marques, Brazilās Deputy of the State in Rio Grande do Sul and Federal Deputy of Santa Catarina for the NOVO party, also joined in the laser eyes trend on Twitter, though no other developments have emerged. NOVO is a liberal party founded in 2011. Brazil may have some way to go before it follows El Salvadorās lead, though; the country is currently led by far-right President Jair Bolsonaro, who has previously said that he ā[does] not know what Bitcoin is.ā
Francisco SĆ”nchez, National Deputy for Argentinaās NeuquĆ©n province, has also joined Ostermann, Marques, Rejala Helman, and Bukele in adopting laser eyes on his Twitter avatar. āI canāt believe it, but this is how it is,ā SĆ”nchez said in a follow-up post.
Latin America has been hit hard by the pandemic, with fears of another debt crisis on the horizon. Argentinaās inflation rate is also among the highest in the world at 46.3%. Bitcoinās fixed supply could be a solution to help citizens preserve their wealth amid rising debt and money printing. When Bukele announced El Salvadorās news over the weekend, Mallers shared an excerpt of the drafted bill, which explained that the country had plans to adopt Bitcoin āto mitigate the negative impact from central banks.ā El Salvador currently uses the U.S. dollar.
Still, one of cryptoās latest memes wonāt be enough to bring about adoption. El Salvador aside, the updates from Paraguay and Panama might be the biggest so far. Rejala Helman is expected to reveal further details on Paraguayās plans this week.
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Source: https://cryptobriefing.com/latin-american-leaders-show-support-bitcoin/
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