After El Salvador, Paraguay Hints at Becoming a ‘Bitcoin Country’

Paraguay’s Deputy of the Nation, Carlos Antonio Rejala Helman, has hinted that the country will launch ‘an important project’ involving Bitcoin and PayPal this week.

Paraguay, June 7, 2021 /AlexaBlockchain/ – After El Salvador, Paraguay could be the next country to advance towards making bitcoin a legal tender.

Paraguay Hints at becoming a ‘Bitcoin Country’

What happened? Carlos Antonio Rejala Helman, Deputy of the Nation, changed twitter profile picture to laser eyes and hinted that a Bitcoin and Paypal announcement is coming this week! He wrote:

“As I was saying a long time ago, our country needs to advance hand in hand with the new generation. The moment has come, our moment. This week we start with an important project to innovate Paraguay in front of the world!”

Bitcoin and Cryptocurrency Regulation in Paraguay

Currenctly there is no legal framework for Bitcoin or other cryptocurrencies in Paraguay. In addition to not issuing or supporting virtual currencies, current Paraguayan tax laws also do not cover cryptocurrency mining.

In May of 2018, the Director General of Standards and Oversight at the Secretará de la Lavado de Laundering y Bienes (‘Seprelad’), Gregorio Mayor Oxilia, became the first authority to talk about cryptocurrencies in Paraguay. Mr. Oxilia warned that digital currencies are an unregulated and highly risky payment method. However, he added that the State cannot and will not attempt to slow down the development of this technology.

Despite the lack of legisilation, in 2019 Cointelegraph reported that Paraguay had settled an agricultural chemical export deal with Argentina using bitcoin, instead of the normally used SWIFT payment system.

Related Article: El Salvador to make Bitcoin a legal tender