Top cryptocurrency law firm, Gresham International has submitted a proposal to start working with the Paraguayan government on new crypto legislation it has been revealed.

According to a report by Crypto Slate, the government is looking into cryptocurrency laws that could be introduced over the short and long-term. Gresham International’s Managing Associate Cal Evans affirmed the proposal was made after the government had asked for comprehensive information surrounding the deployment of cryptocurrency and blockchain opportunities.

The focus of the information requested was on legislation the government could implement quickly for maximum impact.

Evans added that Paraguay’s government is viewing digital currencies as a long-term opportunity for overseas firms, focusing on attracting investment, business and activity to boost the country’s revenue.

The proposal would see Gresham International working in conjunction with the government to create the new laws, something the firm has done previously in other locations such as Labuan, with the creation of new Security Token laws.

Evans stated: “The government is very serious about introducing new cryptocurrency legislation which will make them a regional leader.”

Furthermore, should the new laws be approved by the government, they are forecast to come into effect by 2020.

In addition, Paraguay is aware that its largest trading partner, China is heavily involved in crypto and blockchain projects. As such, the Paraguayan government believes that by implementing some of the same technologies, the country could appear technologically equal to their biggest trading partner. Particularly with the introduction of blockchain technology in areas such as transport.

Moreover, although Paraguay appears to be tentatively entering the crypto space, other countries in South America are storming ahead. Venezuela has taken an extremely bullish approach towards digital currencies, and launched its own crypto, Petro.