Paraguayan lawmakers to present Bitcoin bill on July 14

Paraguayan Congressman Carlitos Rejala and Senator Fernando Silva Facetti are planning to introduce a Bitcoin (BTC) bill to Congress on Wednesday, July 14, underscoring the lawmakers’ urgency in formulating a coherent digital asset technique for his or her nation. 

“I’m right here to unite Paraguay,” Rejala tweeted Friday, including that he and his fellow lawmaker are planning a “mega shock for Paraguay and the world.”

Although Rejala didn’t specify what the bill would entail, some lawmakers within the nation need to observe El Salvador’s lead in making Bitcoin authorized tender. On June 6, Rejala informed his greater than 50,000 Twitter followers that digital belongings could be linked to “an necessary challenge to innovate Paraguay in entrance of the world.”

Based on Rejala’s previous statements, the forthcoming bill will introduce measures to make Paraguay a number one heart for overseas cryptocurrency traders, companies and even perhaps Bitcoin miners. Potentially, it will embody provisions to settle for BTC as authorized tender. 

Like different Latin American lawmakers, Rejala added laser eyes to his profile image on Twitter, a symbolic approach of displaying his bullish outlook on BTC.

Related: What is admittedly behind El Salvador’s ‘Bitcoin Law’? Experts reply

Latin America has emerged as a possible hotbed for cryptocurrency adoption due to native financial and monetary pressures, particularly in nations like Argentina, Venezuela and Mexico. As Cointelegraph reported, Latin America is now residence to no less than two cryptocurrency unicorns, a time period used within the enterprise capital trade to describe startups with a valuation of $1 billion or extra.

2TM Group, the guardian firm behind Brazilian cryptocurrency trade Mercado Bitcoin, not too long ago accomplished a $200 million funding spherical with SoftBank, bringing its complete valuation to an estimated $2.1 billion. Meanwhile, Mexican crypto trade Bitso is valued at $2.1 billion after concluding a Series C funding spherical.