Paraguay Takes Steps to Class Bitcoin as Currency

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  • Paraguay has taken its first official steps towards Bitcoin adoption by tabling a motion to accept it as a currency
  • The move follows weeks of hints, both blatant and subtle, about the country’s intentions
  • Paraguay’s move follows on from that of El Salvador, which will officially begin accepting bitcoin on September 7

Paraguay is taking steps to become the second country in the world to accept Bitcoin as legal tender. Following El Salvador voting in Bitcoin as a second currency earlier this month, the country looks set to attempt the same after a bill was tabled in parliament to echo the intentions of their South American cousins. This follows weeks of hints from officials within the Paraguayan government that adoption of Bitcoin was very much on their minds, but the submission of a bill is the first formal step towards making this a reality.

Paraguay Makes Bitcoin Ambitions Official

The bill to make Bitcoin legal tender in Paraguay was submitted last night and was confirmed by politician and Bitcoin advocate Carlitos Rejala, who has frequently tweeted on the subject of Bitcoin and his desire to get it implemented as a currency in Paraguay:

As was the case with El Salvador, the bill must pass through the Paraguayan National Congress before it can be signed into law. The ruling Colorado Party holds 39% of the chamber, with the rest split up between six other parties, so unless there is unanimously strong opposition in the matter, the vote should pass.

El Salvador Leads the Way

Should the vote pass, Paraguay would join El Salvador as the second country in the world to adopt Bitcoin as legal tender, which El Salvador is officially doing on September 7. To celebrate the event, and to encourage the use of Bitcoin in the country, El Salvador will airdrop $30 in bitcoin to every adult in the country who applies for the official Bitcoin wallet.