Paraguay Will Legislate Cryptocurrency in July – Crypto as A Legal Tender
(Photo : Getty Image: Dan Kitwood)

The country of Paraguay has confirmed that it would launch an enormous project featuring Bitcoin and PayPal. Its announcement took place moments after El Salvador's declaration that Bitcoin is now considered one of the country's legal tenders.

El Salvador President Nayib Bukele has shown massive support for the Bitcoin 2021 conference, accompanied by multiple tweets.

Paraguay's Support for the Bitcoin Cryptocurrency

The ultimate reason for the rumor is that a Twitter account called @coindesk tweeted that Grupo Cinco, one of Paraguay's most extensive entertainment groups, will start accepting various cryptocurrencies such as Ether, Chiliz, and Bitcoin beginning in July.

To confirm the news, Carlos Antonio Rejala Helman, Deputy of the Nation, quote retweeted it and hinted that Paraguay would be legislating Bitcoin in July.

Helman also mentioned that the country would use hydroelectric power through Bitcoin.

The entire crypto community has well received the news. They even commended Paraguay's bold decision regarding the legislation.

Read Also: Miami Mayor Encourages Chinese Crypto Miners with Robust Incentives and Cheaper Nuclear Energy

According to Crypto News Flash, in response to El Salvador and Paraguay's steps toward crypto adoption, Panamanian congressman Gabriel Silva confirmed that a bill would be passed to the assembly.

Silva added that the crypto legalization would give their plan of being a technological and entrepreneurial hub a huge confidence boost.

El Salvador vs. China

The El Salvador President, Nayib Bukele, continuously encourages miners to use the country's volcanic thermal energy to push through with their crypto mining.

As part of President Bukele's plans, he called on various crypto organizations to launch offices in the country.

The new working areas will make the crypto market's move towards the country more accessible, having less paperwork needed to acquire permanent residence.

Crypto News Flash mentioned that Bukele stated that the purpose of Bitcoin's legalization is to regulate cryptocurrency as an unrestricted legal tender that offers liberating power. It will be unlimited in any transaction as well.

Why Cryptocurrency Is Gaining Power

One of the primary reasons for Bitcoin's sudden recognition is China's intensified Bitcoin crackdowns. As a result, Bitcoin is being recognized by many countries, with El Salvador's Bitcoin legalization, and Paraguay's plan to legislate the cryptocurrency.

China recently ensured that various cryptocurrencies, such as Binance and Bitcoin, are not visible from its most significant search engines and social media applications.

The Asian country's primary concern is crypto's excessive energy consumption.

However, El Salvador has found an innovative alternative -- a green energy source that provides the appropriate power to mine Bitcoin.

Crypto Market in the U.S.

On the other hand, CNBC reported that the U.S. Treasury Department recently announced that it plans to evaluate the cryptocurrency market and its transactions.

The organization stated that users have to report all transactions over $10,000 to the International Revenue Service.

With this in mind, crypto still has a long way to go. However, its recent milestones prove that the crypto market has a big chance to expand its services across the world in time.

Related Article: Dogecoin is the 'Bad Boy of Crypto, Victim of Elon Musk's Scheme,' Says Analyst

This article is owned Tech Times

Written by Fran Sanders

ⓒ 2021 TECHTIMES.com All rights reserved. Do not reproduce without permission.