TL;DR Breakdown
• Congressman Carlos Rejala supports the Bitcoin market.
• Panama may join the cryptocurrency market following the announcements of Paraguay and El Salvador.
A member of the Paraguayan national congress, Carlos Antonio Rejala Helman, said that the nation would be working on a project related to cryptocurrencies. The announcement touched on Bitcoin and how it would influence the new project and even talk about the PayPal payments.
Carlos Rejala showed in a tweet how interested the Republic of Paraguay was in decentralized currencies. All this happened after a bill from the government of El Salvador was presented. The Central American country ruled by Nayib Bukele announced that Bitcoin would become a legal currency in its region.
As a surprise, Congressman Carlos Rejala named himself the “Paraguayan Bukete” after making the announcement. On more than one occasion, Rejala has shown his support for the Bukete government.
For now, no laws repress Paraguayans from trading cryptocurrencies. However, the country’s SEPRELAD has issued orders on the transactions justification with digital currencies. This secretariat is to prevent money laundering with cryptocurrencies as regards Paraguay.
Bitcoin project in Paraguay
The Chamber of Deputies of Paraguay, Carlos Rejala, has shown his interest in cryptocurrencies. Like the government of El Salvador, the deputy wants to take measures that benefit the country’s economy. The Bitcoin project in Paraguay will try to legalize crypto transactions by making the currency free to trade.
Rejala points out that the country needs to upgrade to new technologies. Cryptocurrencies in operation for more than a decade are an innovative economic source. Although the crypto market is not, many governments and merchants continue to trust it.
Rajala’s announcement coincided with the Nayib Bukele tweets, president of El Salvador, made about cryptocurrencies. Both projects have been largely motivated by the support shown at the 2021 Bitcoin conference.
Bukele will try to integrate the decentralized market into his government soon to promote new jobs. Likewise, the Paraguayan government wants to join this investment and trade scheme of cryptocurrencies.
Cryptocurrencies move through Central America
This trend about the adoption of Bitcoin in El Salvador and Paraguay has brought interest in other countries. Panama, along with Congressman Gabriel Silva, wants to join the game. Silva said that his country should not be left behind about cryptocurrencies and should support this new source of economy growth.
The reason these countries in Central America adopt cryptocurrencies is to avoid the devaluation of their currencies. As the crypto market is currently free, it has not been affected by global inflation, especially by the dollar. However, cryptocurrencies could be intimidatingly speculative scheme that causes the loss of their value in huge amounts.
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