Paraguay Is Planning To Discuss Formal BTC Legalization Next Month

Bitcoin Cryptocurrency Cryptocurrency Regulation News

The National Deputy of Paraguay, Carlitos Rejala, has confirmed that they are planning to discuss the Bitcoin (BTC) legalization in the next month. Similar intentions have been signaled by various Latin American politicians after El Salvador’s advanced step of adopting Bitcoin to be used legally. The list of countries that are most likely to announce BTC as a legal tender includes Argentina, Mexico, Brazil, Panama, and Paraguay.

Indeed, massive progress in cryptocurrency is represented by this trend. Nonetheless, the way toward this legalization on a broad canvas would not be smooth enough because of the refutations from World Bank and IMF.

The discussion of Bitcoin adoption by Paraguay expected in the next month

Red laser eyes have been used to support Bitcoin since recent February. Although what originated this meme is unclear yet it is a part of the project to push the price of BTC to $100,000. From the aforementioned countries, various politicians have added these eyes in their pictures on social media, and Carlitos Rejala (the National Deputy of Paraguay) is one of them.

Rejala posted referring to the significance of accepting technological innovations while the news of El Salvadoran legalization of Bitcoin was being filtered earlier in this month. He stated that PayPal and Bitcoin are being examined by Paraguay for a similar project.

It was tweeted by Rejala on Thursday that the plan to legalize Bitcoin (BTC) is to be disclosed next month. Currently, there are not many exact details regarding the matter. Paraguay’s follow-up of El Salvador’s procedure is expected by many observers.

The opposition faced by El Salvador

World Bank and IMF both have expressed disapproval for Bitcoin to gain the reputation of a parallel currency in El Salvador. There is a contradiction, as stated by the spokesperson of IMF, between this bill and the loan application submitted by El Salvador. He further pointed out the El Salvadoran President is requesting $1 billion to fill the gap of budget caused by the pandemic. He added that there are many big economic, legal, and financial problems that need to be analyzed. Correspondingly, World Bank has mentioned the shortcomings of transparency and environmental impact as the reasons behind the refusal to assist El Salvador.

Max Keiser commented on the situation by stating that the intentions are additionally evidencing that end of sh*tcoiners is near.

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