Paraguay to Make Bitcoin Official Currency?

• Paraguayan lawmaker Carlitos Rejala has announced that he is working towards introducing a legalisation bill for Bitcoin

• The lawmaker will be working with Senator Fernando Silva Facetti on the bill that will make bitcoin more accepted in the South American country

• The bill will also propose that the cryptocurrency is regulated efficiently to allow Paraguayans to operate with the asset legally

In a tweet yesterday, Paraguayan lawmaker Carlitos Rejala has revealed that is working to introduce a legislation for the regulation of Bitcoin in Paraguay.

The lawmaker announced that he will be receiving support from Senator Fernando Silva Facetti for the introduction of the bill.

Being a strong supporter of the cryptocurrency, it was speculated that the lawmaker is set to make the South American country the second nation to make Bitcoin a legal tender.

However, the lawmaker later cleared the air, stating that the proposed bill is more about the regulation of the flagship cryptocurrency.

While speaking to Reuters last month, Rejala claimed that the goal is to get banks and other financial regulators to participate so that the asset can be used legally in the country.

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Although the bill is expected to be different from the legal tender bill passed by El Salvador, it is expected to increase the acceptance of Bitcoin in Paraguay if approved.

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