For weeks, speculations have been high about the possibility that Paraguay would also follow El Salvador’s bold decision to make Bitcoin a legal tender.
This speculation has finally ended when Paraguayan lawmaker Carlos Rejala was interviewed by Reuters and clarified that the country has no plans to follow El Salvador’s decision.
He said the government only plans to regulate cryptocurrencies but not to make bitcoin the country’s legal tender.
Where did the speculation start?
For the past few weeks, many analysts were suspecting that Paraguay is preparing for a major Bitcoin decision. According to a report published by La Nación, a Paraguayan newspaper, Rejala is planning to introduce a bill that would make bitcoin the country’s legal tender.
In the article, Rejala reportedly said that he and other lawmakers are working on a bill that would make cryptocurrencies a legal tender in the country. According to the report, he also said that major Paraguayan companies have also joined to support the crypto push in the country.
Distancing himself
Rejala distanced himself from the said reports and clarified that he has no plans of bringing bitcoin or any other cryptocurrencies in legal tender status.
He also said that Paraguay and El Salvador’s situations, both politically and economically are much different, and attempting to make crypto a legal tender in the country would be impossible.
But even with this stance, Rejala is still working on some of the biggest crypto entities to help push cryptocurrencies in Paraguay.
Bitcoin.com.py’s chief executive Juanjo Benitez Rickmann said that he is working with Rejala to further push digital currencies in the country and tap Paraguay’s renewable energy sources to power crypto mining operations.
Image courtesy of Cointelegraph News/YouTube
Source: https://bitcoinerx.com/blockchain/paraguay-wont-follow-el-salvadors-move-lawmaker-says/
