July law in Paraguay.
A lawmaker in Paraguay has announced that he plans to submit legislation to Congress next month to adopt the world's most popular cryptocurrency, Bitcoin. Stating that he is preparing a legislation by conducting a detailed study, the congress member shows that we will witness surprising developments. MP and Congressman Carlitos Antonio Rejala Helman tweeted on Thursday, "We are enacting the Paraguayan crypto law in July! He wrote #Bitcoin.
Here is that tweet!
"As I said a long time ago, our country needs to go hand in hand with the new generation. The moment has come, our moment. This week we are starting with an important project that will renew Paraguay in front of the world! Real on the moon. #btc #paypal"
Universities have started accepting Bitcoin as a means of payment.
Rejala said via social media on Friday that Universidad Comunera, a Paraguayan university, accepts Bitcoin as a means of payment. In a separate tweet, "From July, all stores of Paraguay Entertainment Group (Grupo Cinco) will accept Cryptocurrencies. "One more step in the present with a view to the future," he said.
He drew attention to Paraguay to invest.
Paraguay's move comes after El Salvador became the first country in the world to accept Bitcoin as legal tender, along with the US dollar, the Central American nation's official currency, on June 9. He then urged entrepreneurs to invest in Paraguay, saying the South American country has one of the lowest taxes and the highest youth workforce in the region.
It traded below $36,000 on Saturday.
While Congressman Carlitos plans to legalize and commercialize Bitcoin with the new bill, it will have its challenges. First of all, the world bank is expected to withdraw any support from the country in case it gives it. It can also face many problems internally like El Salvador. After hitting an all-time high of $64,300 in mid-April, Bitcoin price has since lost almost 45% of its value and traded below $36,000 on Saturday.