The Paraguayan Vice President Carlitos Rejala, confirms that plans are being made to officially legalize Bitcoin in the country next month.
Ever since El Salvador recognized Bitcoin as legal tender, politicians in several other Latin American countries have pointed out similar aims.
The list of potentials to legalize BTC So far includes Paraguay, Panama, Brazil, Mexico, and Argentina.
This undoubtedly represents a huge driving force for cryptocurrency as a whole. But as the contempt of the International Monetary Fund and the World Bank has shown, the path to mass adoption will not be easy.
Since February 2021, the use of red “laser eyes” to indicate support for Bitcoin has become more and more popular. The origin of this meme is not clear, but it is part of a movement to push the value of Bitcoin to $100,000.
Several politicians from the aforementioned countries added red laser eyes to their social media images. This includes Paraguay’s National Deputy Carlitos Rejala.
As news of El Salvador’s legalization of Bitcoin leaked earlier this month, Rejala released a message mentioning the importance of adopting technological innovations, adding that Paraguay is working on a project involving Bitcoin and PayPal to achieve this one goal.
“As I was saying a long time ago, our country needs to advance hand in hand with the new generation. The moment has come, our moment. This week we start with an important project to innovate Paraguay in front of the world! The real one to the moon #btc &#paypal.”
On Thursday, Rejala tweeted that he plans to introduce Bitcoin legislation next month. At present, the exact details of what this entails are thin on the ground. Observers widely expected that Paraguay will emulate El Salvador’s legal tender bill.
This is Paraguay 🇵🇾 July we legislate! #Bitcoin https://t.co/4e4wH7uDrl
— Carlitos Rejala 🙏🇵🇾🙌 (@carlitosrejala) June 17, 2021
Bitcoin in El Salvador Since obtaining parallel currency status, the International Monetary Fund and the World Bank have opposed it.
A spokesperson for the International Monetary Fund said it interfered with El Salvador’s loan application. President Bukele sought to borrow $1 billion to compensate for the pandemic budget deficit.
“The adoption of Bitcoin as legal tender raises many macroeconomic, financial, and legal issues that require very careful analysis.”
When implementing Bitcoin in the country, the World Bank stated that environmental and transparency issues have prevented them from getting involved.
“Although the government asked us for help with Bitcoin, given the transparency and environmental deficiencies, this is not something the World Bank can support.
Commenting on this situation, Max Kaiser said that Paraguay’s plan further proves the end for shitcoiners and the International Monetary Fund, adding that this is something he can perceive.
Shitcoiners (and the IMF) are beginning to sense that 🇸🇻’s mandated adoption of BTC marks the beginning of the end of every one of them
— Max Keiser (@maxkeiser) June 18, 2021