Paraguayan Lawmakers to Submit Bitcoin Bill on July 14

Paraguayan Congressman Carlitos Rejala and Senator Fernando Silva Facetti plan to submit a Bitcoin bill to Congress on Wednesday, July 14, highlighting the urgency for the country’s lawmakers to develop a coherent digital asset strategy for their country.

"I am here to unite Paraguay," Rejala said on Twitter Friday, adding that he and his fellow lawmakers were planning "a big surprise for Paraguay and the world."

I am here to unite Paraguay and that is why we have decided to present the Bitcoin bill together with Senator Fernando Silva Facetti on Wednesday, July 14!

Stay tuned because Paraguay and the world are in for a big surprise. Big things are about to happen.

— Carlitos Rejala (@carlitosrejala) July 9, 2021

Although Rejala did not specify what the bill would cover, some lawmakers in the country hope to follow El Salvador’s lead and make Bitcoin legal tender. On June 6, Rejala told his more than 50,000 Twitter followers that the digital asset would be tied to “an important project that innovates Paraguay in front of the world.”

According to Rejala’s previous statements, the upcoming bill will introduce measures to make Paraguay a major hub for foreign cryptocurrency investors, businesses, and even Bitcoin miners. This could include provisions for accepting BTC as legal tender.

Like other Latin American lawmakers, Rejala added laser eyes to his Twitter profile, a symbolic way of showing his bullishness on Bitcoin.

Latin America has emerged as a potential hotbed for cryptocurrency adoption due to local economic and fiscal pressures, particularly in countries such as Argentina, Venezuela, and Mexico. As Cointelegraph reported, Latin America now has at least two cryptocurrency unicorns, a term used by the venture capital industry to describe startups valued at $1 billion or more.

2TM Group, the parent company of Brazilian cryptocurrency exchange Mercado Bitcoin, recently completed a $200 million funding round with SoftBank, bringing its total valuation to $2.1 billion. Meanwhile, Mexican cryptocurrency exchange Bitso was valued at $2.1 billion after completing its Series C funding round.

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