El Salvador’s big crypto revolution has to turn into an epidemic. Many other countries in the region are following suit left and right. Bitcoin has become a more popular mode of trading in comparison to fiat. In the same vein, Paraguayan- a South American nation, has come forward to ensure that they are in the process of taking similar steps. Paraguayan is situated between Brazil, Argentina, and Bolivia.
It is important to note the geographic location of the region. It has been noticed that the impact of Bitcoin legalization is going to trickle down in the nations that share their borders. The main reason for increasing interest in Bitcoin is to make economic growth and save the sinking economy from the effects of devaluating fiats. Most of these nations assume that providing a sheltered region for crypto projects would attract a lot of revenue their way.
Paraguayan Head of State has Remarked that Bitcoin would be Legalized as Soon as July This Year
Carlos Antonio Rejala Helman, Deputy of Nation, has mentioned in a recent tweet that the country would make Bitcoin legalized as early as July. This news is optimistic but not expected. Helman told the media a week ago that his government has undertaken a new important project. At the time, not much news or insights were shared about this peculiar project. However, it was informed that it has something to do with PayPal and Bitcoin.
One of the largest entertainment enterprises in the nation has already started to accept Bitcoin and other cryptocurrency variants. Quoting the same business, Helman remarked that Bitcoin legislations would bear fruit in July. Thus far, there have been no further details about how the nation would go about making Bitcoin a part of the economy and what regulations would be introduced for the flagship crypto market in the region.
Gabriel Silva is a congressman in Panama. He gained popularity and traction among the local crypto community after claiming that a crypto bill would soon be submitted to the legislative assembly. Panama is another small Central American country that has a turbulent economy. Silva further added that the nation should not stay back from other nations in the region that are already moving ahead with Bitcoin.
This statement was directed towards Nayib Bukele, the president of El Salvador. Salvador is set to become the first nation in the world to accept Bitcoin as a legal tender. Furthermore, Bukele has also opened up a dedicated geothermal energy plant for prospect Bitcoin miners in the region. The geothermal plant generates power from the energy produced by the volcano.