A lawmaker belonging to the Parliament of Paraguay has said that in the next month he will be able to present Bitcoin Bill before the Parliament which will be in line with El Salvador’s Bitcoin law i.e. Bitcoin Legal Tender. Because he himself is a great admirer of Bitcoin, he thinks that Paraguay can become the center of Bitcoin mining and trading if the proposed legislation is passed.
El Salvador’s legislation for Bitcoin has been receiving attraction within and outside the region as well. Since the passing of the Bitcoin Legal Tender, many regional countries are willing to apply El Salvador’s policy of crypto.
Aimed with the same vision was a lawmaker namely Carlos Antonio Rejala Helman of the Parliament of Paraguay. Helman is a veteran politician hailing from the Paraguayan political party namely Hagamos.
Helman said that for quite some time he was thinking that Bitcoin should be legalized in his country in the best interest of the national economy. He stated that since the thought had come to his mind, he started to prepare draft legislation exclusively for Bitcoin. He informed me that the recommendation for the Bitcoin draft bill is in the final stages of preparation. He is expecting that it will be completed before the end of next month. Once the proposal is finalized, he will make sure that it will be put on one of the agendas of the Parliament for consideration.
In the meantime, Helman is insisting upon his Government in charge and influential politicians to adopt El Salvador’s initiative. He said that by doing so, Paraguay can be turned into the center hub for Bitcoin transactions and mining within the region. He is of the view that Paraguay’s crypto industry should then lead the crypto economies of the entire region.
While there is hardly any attention so far given to Helman but he has certainly changed his profile background picture of his Twitter account. Like others, he too has changed the picture into “laser eyes”. This meant that he too is seriously gazing upon Bitcoin and wants to see it crossing the threshold of US$ 100,000.
Helman’s vision about the proposed legislation is that Bitcoin should be given legal status in Paraguay as has been enjoyed by Paraguayan currency. The bill seeks acceptance of Bitcoin as an alternate source of settling payments. Bitcoin can work side by side with the official paper currency of Paraguay, opined Helman. He thinks that it should be the choice of the public whether they want to pay through the national currency or through Bitcoin.
But, under the law, he is legally entitled to submit a proposal for legislation. However, whether the proposal is accepted as the Bill is usually decided by the majority votes of the Parliamentarians. Even after the Bill, further voting takes place for converting the Bill into proper legislation.