Paraguay Set to Make Bitcoin a Legal Currency?

• Paraguay may become the second Latin American country to make Bitcoin a legal tender after El Salvador did 3 weeks ago.

• Member of the country’s parliament Carlitos Rejala has confirmed that a bill will be proposed in the national congress next month

• Paraguay based business Group Cinco has announced plans to start accepting the cryptocurrency from July

Only a few weeks after El Salvador confirmed the acceptance of Bitcoin as a legal tender, fellow Latin American country Paraguay may be set to follow their steps.

One of the country’s legislators, Carlitos Rejela announced on Twitter that he will propose a bill to the national congress to make the coin a legal tender.

This might prove to be difficult for the member of the parliament, given that his party has only 2 of 80 seats in the Parliament house.

To make his dream a reality, Rejela will require the support of the opposition party and this makes it difficult to predict the outcome.

Meanwhile, the legislator already has the support of business giant Group Cinco.

The entertainment company has announced that Bitcoin will be accepted in 24 of its businesses across Paraguay.

Read also: El Salvador to Give $30 Worth of BTC to Each Citizen

The energy consumption of bitcoin has been a major drawback over the acceptance of the coin.

There is some speculation that Paraguay’s bitcoin mining will be supported by energy from hydroelectricity.

While it is too early to tell if this could happen, the legalisation of Bitcoin in Paraguay could lead other South American countries to follow.

Follow Naija.fm on our social media handles Facebook, Instagram, and Twitter to keep up with trending news, breaking news, entertainment news.