Paraguay considers adopting Bitcoin as legal currency

in july, Paraguay will start to accept bitcoin as legal currency

After the announcement of El Salvador accepting Bitcoin as legal currency, now Paraguay, worlds 95th largest economy is considering to consider regulations that will be favourable towards the crypto business this week.

Carlos Rejala, a Paraguayan Congressman is set to present a bill that will set favourable regulations for crypto mining and crypto exchange businesses that want to set up shop in the country.

The bill which is set to pass in July seeks to position Paraguay as the crypto hub for Latin America and a model for other countries in the region, he said, adding that if the bill is approved, he will seek to present a second one promoting the use of bitcoin as legal tender. 

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