El Salvador's decision to accept Bitcoin as legal tender last June appears to be influencing lawmakers across the region to begin exploring their crypto strategy, with Paraguay becoming the country next in introducing new legislation focused on cryptocurrencies.
According to Coin Telegraph, Paraguayan Congressman Carlitos Regala and Senator Fernando Silva Fassetti plan to submit a Bitcoin bill to Congress next Wednesday, July 14, 2021, underlining the urgency of Lawmakers craft a coherent digital asset strategy for their country.
Regala wrote on Twitter on Friday I'm here to unite Paraguay, adding that he and his fellow legislators were planning a big surprise for Paraguay and the world.
Based on previous Regala data, the upcoming bill will introduce measures to make Paraguay a leading center for foreign investors, companies in the cryptocurrency space and perhaps even Bitcoin miners. This will likely include provisions for accepting Bitcoin as legal tender.
Like other lawmakers in Latin America, Regala added laser eyes to his Twitter profile picture, a symbolic way to show his bullish view on Bitcoin.
Latin America has emerged as a potential hub for cryptocurrency adoption due to domestic economic and financial pressures, particularly in countries such as Argentina, Venezuela and Mexico.
As Coin Telegraph reported, Latin America is now home to at least two cryptocurrencies, a term used in the venture capital industry to describe startups that value their value. A billion dollars or more.
2TM Group, the parent company behind Brazilian crypto exchange Mercado Bitcoin, recently completed a $200 million funding round with SoftBank, bringing its total value to $2.1 billion.
Meanwhile, Mexican cryptocurrency exchange Bitso is valued at $2.1 billion after completing a Series C funding round.
