TL; DR Breakdown
Paraguay plans to debate a Bitcoin billThere’s need to join the BTC bandwagonBTC is gateway to financial freedom
It appears that more nations are waking up to smell the coffee in regard to Bitcoin’s global power. The top crypto has been winning hearts in numerous corners across the world. Just a few days ago, El Salvador, a country in Central America, resolved to approve Bitcoin as legal tender to be used by its citizens.
Now, another country is contemplating to follow in El Salvador’s footsteps. Paraguay, another South American country, is now warming up to BTC.
Bitcoin bill in Paraguay
Most recent news indicate that the country’s Deputy of Nation, who is also a member of the Paraguayan Congress, is planning to present a bill for debate by the Congress sometime in the coming month. The bill could be centered around the possibility of accepting BTC as legal tender in the country, just like in El Salvador.
In an address, the Deputy of Nation opined,
“Our country needs to advance hand-in-hand with the new generation.”
Indeed, Bitcoin, and blockchain technology in general, is the new generation in matters finance. BTC has gone from a largely ignored and overly ambitious “fun game” to a globally recognized network linking numerous economic sectors within a decade. Recent aggressive entrance of big-money investment institutions like Grayscale and MicroStrategy into the BTC ecosystem is clear indication that the coin is gaining ground in every aspect.
BTC for freedom
It’s largely understood that part of the reason that some countries, and people, are embracing cryptos like Bitcoin lies in its apparent power to help them get free from the hegemonius shackles of the Petro-Dollar as well as the uncertainty of fiat currencies in general. For the people, the continued fiat inflation is enough incentive to ditch the fiats and deal with BTC. For countries, freedom from the US Dollar as the global reserve currency is their motivation.
For countries like El Salvador and Paraguay, making Bitcoin a legal tender will make it easier for their people working abroad to send money back home. This, in turn, will help rejuvenate their economy with fresh and steady injection of money into the economy. This could also help them deal with inflation.