Paraguayan lawmakers to introduce Bitcoin bill on July 14

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Paraguayan Congressman Carlitos Rejala and Senator Fernando Silva Facetti plan to present a Bitcoin (BTC) bill to Congress on Wednesday, July 14, underscoring the urgency of lawmakers to formulate a cohesive digital asset strategy for their country.

I’m here to unite Paraguay, Rejala tweeted Friday, adding that he and his fellow lawmaker were planning a mega surprise for Paraguay and the world.

I’m here to unite Paraguay, that’s why we decided with Senator @FSilvaFacetti to present the #bitcoin bill together on Wednesday July 14! Stay tuned as there will be a mega surprise for Paraguay and the world. Something GIANT is coming #Bitcoin #btc

– Carlitos Rejala (@carlitosrejala) July 9, 2021

While Rejala has not clarified what the bill would entail, some lawmakers across the country want to follow El Salvador’s lead in making Bitcoin legal tender. On June 6, Rejala informed his more than 50,000 Twitter followers that digital assets would be connected to an important project to bring Paraguay to the world.

As I said a long time ago, our country needs to move forward hand in hand with the new generation. The time has come, our time. This week we start with an important project to innovate Paraguay in front of the world!

The real one on the moon #btc & #paypal pic.twitter.com/ZMRJgAIxgO

– Carlitos Rejala (@carlitosrejala) June 7, 2021

Based on Rejalas’ previous statements, the next bill will introduce measures to make Paraguay a leading center for foreign cryptocurrency investors, businesses, and possibly even Bitcoin miners. Potentially, this will include provisions to accept BTC as legal tender.

Like other Latin American lawmakers, Rejala added laser eyes to her profile photo on Twitter, a symbolic way to show off her optimistic outlook on BTC.

Related: What’s Really Behind El Salvador’s Bitcoin Law? Expert response

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

2TM Group, the parent company behind Brazilian cryptocurrency exchange Mercado Bitcoin, recently closed a $ 200 million funding round with SoftBank, bringing its total valuation to around $ 2.1 billion. Meanwhile, Mexican crypto exchange Bitso is valued at $ 2.1 billion after concluding a Series C funding round.

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