Carlitos Rejala, a member of Paraguay’s Chamber of Deputies in his announcement that he would be running for president in 2023, has promised that he would pass a law that would make Bitcoin legal tender in the country of Paraguay.
Rejala took to Twitter to announce his intention of running for president in 2023 while also announcing that if elected, he would make BTC legal tender in the country.
“If we run for the presidency in 2023, #bitcoin as official currency!”
Big Supporter Of Crypto
Carlitos Rejala is a big backer of Bitcoin and the use of cryptocurrencies and has previously proposed a bill to legalize and regulate the use of Bitcoin and other digital currencies in Paraguay. He had co-written the bill with another member of the Chamber of Deputies, Silva Facetti.
The bill proposed the legalization of cryptocurrencies in Paraguay and also building a commercial ecosystem around them. It also proposed establishing entities that would control the public offering of digital assets and create a viable cryptocurrency mining industry in the country.
Mining Using Renewable Energy
Nearly all of Paraguay is powered by 100% renewable energy, thanks to the presence of hydroelectricity. Paraguay is home to the Itaipu Dam, which is the second-largest hydroelectric dam in the world, with a production capacity of 14GWs.
BTC As Legal Tender
Several companies are looking at adopting Bitcoin as legal tender. Rejala’s announcement also comes after Ukraine announced that it has legalized cryptocurrencies such as Bitcoin, in line with its plan of creating a dual currency system of the Hryvnia and Bitcoin by 2023. The announcement by Ukraine was followed by the government of Laos giving the green light for companies to trade and mine Bitcoin.
A Domino Effect
El Salvador’s president Nayib Bukele’s decision to adopt BTC as legal tender seems to have set off a domino effect, with several other countries now looking at ways in which to adopt Bitcoin. Paraguay is following suit with Congressman and potential presidential nominee Carlitos Rejala declaring his intention to use BTC as legal tender if elected as president. Several South American countries are also looking at adopting BTC as a censorship-resistance currency that would fuel their GDP growth.
Another reason these countries are looking at exploring cryptocurrencies is that a majority of the population in these countries do not have access to a bank account. A digital currency that is accessible through their phones could be more suited to the needs of citizens.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.