The South American country reels from a declining economy and ill-fated effects of dollar printing in the US. But officials are turning to Bitcoin to offset some of those side-effects, becoming one of the first nations to legalize the decade-old cryptocurrency in the world.
Making Bitcoin moves
Carlitos Antonio Rejala Helman, a deputy of the Nation and member of Congress in Paraguay, wrote on Twitter last night, “This is Paraguay. In July we legislate! #Bitcoin.”
The comment came in response to a tweet by the Paraguay Entertainment Group, the country’s largest entertainment company, which said it would accept Bitcoin, Ethereum, Shiba Inu, and Chiliz starting next month.
— Carlitos Rejala 🙏🇵🇾🙌 (@carlitosrejala) June 17, 2021
Helman did not make any comment or provide additional information in this regard. However, he hinted in June that officials were possibly working with PayPal on a Bitcoin-related project for the country.
“As I was saying a long time ago, our country needs to advance hand in hand with the new generation. The moment has come, our moment. This week we start with an important project to innovate Paraguay in front of the world!,” he said at the time, adding the words “Bitcoin” and “PayPal” at the end of his tweet.
Como ya lo decía hace un buen tiempo, nuestro país necesita avanzar de la mano de la nueva generación.
Llegó el momento, nuestro momento.
Esta semana empezamos con un proyecto importante para innovar a Paraguay frente al mundo!
— Carlitos Rejala 🙏🇵🇾🙌 (@carlitosrejala) June 7, 2021
With the development, Paraguay joins several other countries in Latin America turning to Bitcoin or considering a bigger role for the asset in their financial system.
As CryptoSlate previously reported, Mexican senators, Panamanian officials, and other high-ranking officers from Brazil, Columbia, and Argentina are making moves for the quick adoption and inclusion of cryptocurrencies. The all at once meme seems like it’s working out.
This article originally appeared on CryptoSlate.