Main navigation

Paraguayan Politician Announced Arrival of "Big Day" for Bitcoin: Here's What It Means

News
Wed, 07/14/2021 - 14:51
article image
Alihuseyn Gulu-Zada
National Deputy of Paraguay Carlitos Rejala announced the arrival of the "Big Day" for Bitcoin
Paraguayan Politician Announced Arrival of "Big Day" for Bitcoin: Here's What It Means
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents

Carlitos Rejala, Paraguay's national deputy, posted a message on his official Twitter page regarding Bitcoin.

Rejala wrote that the big day is finally here for the king crypto and connected it to the advent of the future.

Note that Rejala's tweet was published amid the emergence of a leaked draft of a bill regulating cryptocurrencies and related transactions in Paraguay.

Page from the bill

Bitcoin as an innovation

Carlitos Rejala is one of the enthusiasts of a bill legalizing Bitcoin as a means of payment. He has periodically launched initiatives, backing up his thoughts on the development and innovation of the country's economy.

After the legalization of Bitcoin in El Salvador, Rejala said he was inspired by the idea and began working on a bill aimed at promoting innovation in Paraguay.

Related
Bitcoin Awareness Among El Salvador Citizens and Businesses Is Close to Zero: Krypital Group CEO

To do so, Rejala enlisted Senator Fernando Silva Facetti. According to the document that appears online, the bill aims to regulate Bitcoin mining and cryptocurrency trading.

It also covers the taxation of cryptocurrencies and the creation of a reserve fund. In addition, cryptocurrency firms will be required to register with the relevant authorities in the country.

Reactions

This message from the Paraguayan politician generated a wide-ranging response from the cryptocurrency community, triggering various reactions.

But it is worth noting that the document sparked heated discussion among Paraguayan politicians. Thus, cryptocurrency enthusiast Juan Benitez called it "one of the worst documents he has seen in the last ten years."

However, despite its many flaws, Benitez believes the bill's goals are worthy. In his opinion, Paraguayan cryptocurrency firms could face serious problems with banks. Those problems could be solved by clearer regulations.

He said that Rejala has already asked him to analyze the legal text of the document. Note that Paraguay plans to legalize cryptocurrencies and mining as early as the end of 2019.

article image
About the author

Alihuseyn graduated from Yale University with a focus on linguistics and philosophy. He has worked as a journalist-analyst for Trend News Agency. At the same time, he is an academically trained singer (baritone) and a composer. Alihuseyn has been involved in cryptocurrency and blockchain since 2017 and is an enthusiast in this field, considering blockchain technology revolutionary and capable of changing society. In this area, he has written several theoretical and analytical pieces.