Paraguayan politician would run legal presidential race with Bitcoin

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Yesterday, Paraguayan Congressman Carlitos Rejala shared on Twitter his intention to run for president in 2023 and establish bitcoin as the official currency for his country if he wins. Rejala also co-wrote a proposed bill with Senator Silva Facetti in July that sought to regulate Bitcoin in Paraguay, although that bill classifies BTC as property instead of legal tender.

The progressive member of the Paraguayan Chamber of Deputies told Bitcoin Magazine in July that the goal of adopting Bitcoin is “to welcome Paraguay’s cryptocurrency innovation to the world.” However, the proposed bill was aimed at ensuring tight control over bitcoin mining to the Paraguayan government and attempting to offer protection to investors from bitcoin companies in the form of intense regulation.

Since El Salvador enacted its Bitcoin law on September 7, there have been many rumors that other countries will follow suit in the coming months. Ukraine recently took steps in this direction by legalizing Bitcoin, although the new legislation has not made currency legal tender in the country. Paraguay is now last on the list, and its natural characteristics make it an ideal home for the bitcoin mining industry.

The country of Rejala uses almost 100% renewable energy sources from hydroelectric dams, the most iconic of which, Itaipu, is the second in the world and produces around 14 gigawatts (GW) of electricity. This amount of green energy could certainly be harnessed by bitcoin miners, but provided they follow Paraguayan rules. Rejala and Facetti said in their bill that those who wish to settle in the country should apply for and receive a bitcoin mining license granted by the Ministry of Industry and Commerce (MIC).

It is not known if Rejala’s tweet indicates a real intention to run for president of his country. The congressman appears to be a Bitcoin bull; However, the scrutiny offered by his bill poses some questions as to whether his country would be able to fully adopt Bitcoin.

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