Paraguay unveils plans to legislate Bitcoin

18 Jun 2021

A Paraguay official is planning to introduce Bitcoin and cryptocurrency legislation next month.

Carlitos Antonio Rejala Helman, a Deputy of the Nation and Member of Congress in Paraguay has announced he will present a Bitcoin bill in July.

He said on Twitter: “This is Paraguay,” he wrote. “July we legislate!”

At the beginning of this month, Rejala Helman hinted at the implementation of new Bitcoin legislation, when he indicated Paraguay would work on a project involving Bitcoin and PayPal, says a Crypto Briefing report.

It is likely that the move by El Salvador in making Bitcoin – the world’s largest cryptocurrency by market cap – legal tender, will potentially influence Paraguay’s plans.

deVere CEO and founder Nigel Green said at the time of the announcement: “El Salvador has become the first country to adopt Bitcoin as official legal tender – but it will not be the last.

“Where El Salvador has led, we can expect other developing countries to follow.”

The announcement from Rejala Helman follows on from one of the country’s largest entertainment companies, Grupo Cinco, planning to accept crypto from July, namely Bitcoin, Ethereum, Shiba Token and Chiliz.

Grupo Cinco works with businesses in the nightlife industry, the report goes on to say, adding it will assist a total of 24 companies - including nightclubs, restaurants, and pubs - accept the aforementioned cryptocurrencies as a means of payment.

Rejala Helman recognised Grupo Cinco’s plans to adopt cryptocurrency, saying that Paraguay’s youth is the country’s “main ally.” He went on to say that “a whole new mindset shift is approaching” and “the leap that Paraguay can make is unprecedented.”