Yesterday, Paraguayan Congressman Carlitos Rejala shared on Twitter his plans to run for the presidency in 2023 and set up bitcoin as an official foreign money for his nation if he wins. Rejala additionally co-authored a invoice proposal with Senator Silva Facetti in July that sought to control Bitcoin in Paraguay, although that invoice categorized BTC as property as an alternative of authorized tender.
The progressive member of Paraguay’s Chamber of Deputies instructed Bitcoin Magazine in July that the aim of adopting Bitcoin is to “welcome the innovation of cryptocurrencies in Paraguay to the world.” However, the proposed invoice sought to make sure tight management over bitcoin mining to the Paraguayan authorities and try to supply investor safety from bitcoin companies within the type of intense regulation.
Since El Salvador enacted its Bitcoin regulation on September 7, many rumors have surfaced that different international locations would comply with swimsuit within the coming months. Ukraine lately took steps in that course by legalizing Bitcoin, though the brand new laws didn’t make the foreign money a authorized tender within the nation. Paraguay is now the most recent on the record, and its pure traits make it an ideal house for the bitcoin mining business.
Rejala’s nation employs practically 100% renewable vitality sources from hydroelectric dams, essentially the most iconic of which, Itaipu, is the second-largest on this planet and produces round 14 gigawatts (GW) of energy. That a lot inexperienced vitality may definitely be leveraged by bitcoin miners however supplied they abide by Paraguay’s guidelines. Rejala and Facetti declared of their invoice that these wishing to arrange store within the nation would wish to request and obtain a bitcoin mining license granted by the Ministry of Industry and Trade (MIC).
It is unclear if Rejala’s tweet signifies an precise intent to run for the presidency in his nation. The congressman seems to be a Bitcoin bull; nevertheless, the extraordinary scrutiny proposed by his invoice poses some questions as as to if his nation would be capable of absolutely embrace Bitcoin.