Will Paraguay become the second country to legal for bitcoin after El Salvado?

[DOH!]

I am quite interested in this move, hopefully it will be the next shot to start a new historic dream for bitcoin!  It will come very soon, let's see what is the reaction of bitcoin?
Read it: https://www.euronews.com/next/2021/06/22/is-paraguay-set-to-become-the-second-country-to-make-bitcoin-legal-tender-after-el-salvado

[tranthidung]

At tip of iceberg, it sounds good for national legal adoption in specific nations or local areas.

However, the bigger matter would be whether the world accept such ambitious and financial incentivized plans from some nations. I guess they won't and IMF won't.
Honestly, I don't think Bitcoin need any legal allowance as national currency in order to go to mainstream.

Bitcoin is there with us, to give own banks for bitcoiners who hold their private keys. With keys, bitcoiners can make transactions without intervention from governments. Obviously, they need bitcoin miners to find blocks and confirm their transactions.

[ropyu1978]

this is a good step taken by Rejala, a businessman and Paraguayan parliament, we can only pray that the road that Rejala is taking goes smoothly, and there are no obstacles, because more and more countries are legalizing bitcoin, bitcoin is more widely known to all people, because more challenge, bitcoin is growing, we'll see what china will do after paraguay legalizes bitcoin..

[BrewMaster]

what people are missing is that bitcoin has been growing all around the world but since the media always covers the BIG news that gives them most amount of visitors we only hear about those ones even if the news is fake like with China!
there are a lot of countries that have been silently adopting bitcoin, most of them with open arms but it is always people who are adopting bitcoin regardless of their government. and that the important thing, the rest is just drama.

[amishmanish]

Yeah this is great. Rejala has been tweeting about it right since Nayib Bukelele declared his intentions. Apart from Paraguay, there is the small pacific island nation of Tonga looking to bring in bitcoin through legislation.

They are essentially trying to be a hub for crypto companies. Bitcoin should be the first step in any case. I personally have high hopes from Latin America. These people have seen a lot of suffering and violence but are culturally pretty creative and technologically sound. I hope they can stop being footnotes in America's "War on Drugs". I am sure the descendants of some of the richest ancient civilizations have more to offer than winning the tags for the most violent countries in the world. Its just all so backwards. Ditto for our African brothers. Bitcoin fixes this.

[jossiel]

there are a lot of countries that have been silently adopting bitcoin, most of them with open arms but it is always people who are adopting bitcoin regardless of their government. and that the important thing, the rest is just drama.

This is true.

Even there's no news that they've made it as a legal tender, they're still pro bitcoin and that's still a good news. Until today, those countries have been consistently a crypto friendly country.

But making it as a legal tender seems a bit different with those news and the impact of it is big on these media companies.

[Issa56]

I believe this is great and this is a very good news because bitcoin is spreading rapidly and I believe in the next few year's lot's of countries will have accepted bitcoin and bitcoin will become legal digital currency very soon which you can easily make transactions with at any moment I believe very soon more countries will also accept bitcoin and I believe this will definitely pump bitcoin price so if you are not having bitcoin in your wallet you can definitely bag bitcoin now and hold.

[dkbit98]

Here is leaked translated version of Bitcoin bill in Paraguy, that will register Bitcoin as property and not as a legal tender, while bitcoin mining will be much more regulated than now.
All mining operations will need to be approved and overseen by an authority and mining outside of the legal framework will be disciplined and sanctioned.
There will also be monitoring and controlling of Bitcoin transaction (I am not sure how exactly they can enforce that) and people failing to comply will be punished.
https://www.thestreet.com/crypto/bitcoin/a-bill-to-regulate-bitcoin-in-paraguay-has-been-proposed

[mrongoz22]

It sure can be. That would be really interesting. And if it happes i wonder how many countries gonna do the same this year?

true as you say this can be good news for all bitcoin lovers, if paraguay wants to follow the steps of el salvador in legalizing bitcoin, and accept bitcoin in their country, i think other countries will think about the same thing, because of the impact of bitcoin real, if we are smart and patient in playing bitcoin, it will definitely provide good benefits for us...

[avikz]

I am quite interested in this move, hopefully it will be the next shot to start a new historic dream for bitcoin!  It will come very soon, let's see what is the reaction of bitcoin?
Read it: https://www.euronews.com/next/2021/06/22/is-paraguay-set-to-become-the-second-country-to-make-bitcoin-legal-tender-after-el-salvado

Paraguay is in serious need to wealth distribution equality. Read the article below,

https://www.worldfinance.com/markets/the-underground-economy-of-paraguay

It says, "The distribution of wealth is very unequal: 80 percent of land is held by 2.5 percent of the population, and 161 people control 90 percent of the wealth of our country."

I hope bitcoin help this country to come out of this situation and probably streamline their wealth distribution.

[NeuroticFish]

It doesn't matter much which country is next, as long as there will be more who will follow the trend.
El Salvador made history, but I'm certain that it's not easy to be alone in this. So yeah, we want moar. No matter who, just let be moar!

[Lorence.xD]

At tip of iceberg, it sounds good for national legal adoption in specific nations or local areas.

However, the bigger matter would be whether the world accept such ambitious and financial incentivized plans from some nations. I guess they won't and IMF won't.
Honestly, I don't think Bitcoin need any legal allowance as national currency in order to go to mainstream.

Bitcoin is there with us, to give own banks for bitcoiners who hold their private keys. With keys, bitcoiners can make transactions without intervention from governments. Obviously, they need bitcoin miners to find blocks and confirm their transactions.

Yes it doesn't need to but I think that the recognition of the government is a good thing to have even if it doesn't look like it's that needed, I mean the credibility behind that recognition is worth chasing for and I think that the recognition of the few countries is going to be a good foundation to establish a global adoption of bitcoin.

[Frengki_cisco]

I am quite interested in this move, hopefully it will be the next shot to start a new historic dream for bitcoin!  It will come very soon, let's see what is the reaction of bitcoin?
Read it: https://www.euronews.com/next/2021/06/22/is-paraguay-set-to-become-the-second-country-to-make-bitcoin-legal-tender-after-el-salvado

Does this mean Bitcoin is going to the moon $$$$$

I wonder, what is the biggest factor influencing Bitcoin-in the future-if a certain country enforces a law for Bitcoin users in that country-could it affect the value as it did a few months that have passed over ATH...
what are the positive effects if it happens in 5-10 countries.

[bittraffic]

At tip of iceberg, it sounds good for national legal adoption in specific nations or local areas.

However, the bigger matter would be whether the world accept such ambitious and financial incentivized plans from some nations. I guess they won't and IMF won't.
Honestly, I don't think Bitcoin need any legal allowance as national currency in order to go to mainstream.

Bitcoin is there with us, to give own banks for bitcoiners who hold their private keys. With keys, bitcoiners can make transactions without intervention from governments. Obviously, they need bitcoin miners to find blocks and confirm their transactions.

Yes it doesn't need to but I think that the recognition of the government is a good thing to have even if it doesn't look like it's that needed, I mean the credibility behind that recognition is worth chasing for and I think that the recognition of the few countries is going to be a good foundation to establish a global adoption of bitcoin.

The government's recognition of Bitcoin is good, it is the media that hasn't really publicized this kind of news which I think contributes to the slow adoption of BTC.
Even the Paypal and Visa adoption of Bitcoin which I really think is a big step had not even reached the monitors of regular people.

Paraguay or any other countries in Southern America had already started using Bitcoin like Brazil, they don't even need to have it as legal tender but then it's probably just for making it legit and that government could also release their own wallet.

[Dhoe]

even though bitcoin is not controlled by the government, bitcoin is still growing, and bitcoin is still everyone's favorite choice, the proof is that bitcoin still survives today, but if the government has started legalizing bitcoin this might be good news, equally profitable, if paraguay wants to legalize bitcoin, most likely other countries will follow the steps of paraguay..

[tranthidung]

The government's recognition of Bitcoin is good, it is the media that hasn't really publicized this kind of news which I think contributes to the slow adoption of BTC.
Even the Paypal and Visa adoption of Bitcoin which I really think is a big step had not even reached the monitors of regular people.

Governments did not care when Bitcoin has a price of few cents. It is kinda of digital asset that can be exchange between people, two trade partners. Who care that Bitcoin is a currency or not? Governments let it be like that.

When price becomes expensive, more scam attempts from bad guys, governments have to take more serious actions. Agree with their regulations or not, it is how society works.

With Bitcoin, we have our own bank, and have full control on our transactions but if you want to trade BTC to fiat, take profits, now and in the future, you will have to accept regulations from governments.

I see it is a good thing, now and in future.

[Btcvilla]

at this time there.are still many countries.that are pro to the crypto world even though there.are also many prohibition.but countries.that support crypto are still a little hesitant.to talk about crypto in front of the public.and are still secretly and it.is also worth giving a thumbs.up for them.such as For example, Paraguay will adopt.bitcoin as a legal currency, even though.it's only a discourse.that they put forward, but this can.also be proof that they do support bitcoin even though it's not directly

[adzino]

I have heard few other Latin American countries were also suppose to make bitcoin a legal tender. So I wouldn't be surprised to see if Paraguay becomes the next country to make it a legal tender. I am sure there are few other countries that will follow the same steps. That would be a great start for massive adoption.

at this time there.are still many countries.that are pro to the crypto world even though there.are also many prohibition.but countries.that support crypto are still a little hesitant.to talk about crypto in front of the public.and are still secretly and it is also worth giving a thumbs up for them

There aren't "many" countries that made bitcoin illegal. Just few selected countries. Most of the countries allow their people to use bitcoin. It's just that some have very strict and absurd regulation in order to control bitcoin in their country.

[teosanru]

I am quite interested in this move, hopefully it will be the next shot to start a new historic dream for bitcoin!  It will come very soon, let's see what is the reaction of bitcoin?
Read it: https://www.euronews.com/next/2021/06/22/is-paraguay-set-to-become-the-second-country-to-make-bitcoin-legal-tender-after-el-salvado

If this happens this will be much much bigger than El Salvador. The reason behind that is El Salvador didn't had any of it's own currency, people there used US dollar to transact with each other and government had made USD the legal tender so making bitcoin a legal tender for them wasn't a big deal as they were already not printing their own currency. But Paraguay has their own currency called Paraguayan guaraní which they print themselves if they decide to adopt bitcoin as the second legal tender it will be big because a country is even ready to forgo it's own legal tender to adopt bitcoin is something actually huge. Let's see how things unfold in Paraguay.

[stompix]

Paraguay is in serious need to wealth distribution equality. Read the article below,

It says, "The distribution of wealth is very unequal: 80 percent of land is held by 2.5 percent of the population, and 161 people control 90 percent of the wealth of our country."
I hope bitcoin help this country to come out of this situation and probably streamline their wealth distribution.

Bitcoin will simply make things worse, bitcoin is not some socialist tool to redistribute wealth.
Despite what some dream of it the reality is that BTC is just a bunch of code, nothing more, it doesn't have political views, it doesn't fight for social justice, and more important that all it has no will of its own and far more importantly it obeys the free economy rules. Meaning that whoever has money will be able to buy bitcoin, you're dirt poor you will not be able to afford anything.

So, what will change and how? The rich will have more bitcoins and the poor will still have none, bitcoin won't rain wealth on them, won't suddenly give them better jobs and training, and for sure it won't make the rich poor as in some socialist utopia.

Back to the topic, I don't understand why people still talk about Paraguay making Bitcoin legal tender, it's obvious this will not happen now and the bill they've presented has nothing to do with it. From a miner's perspective it makes things worse:

Paraguayan regulation includes the application and issuance of licenses for mining companies, cryptocurrency traders whom it calls "intervening agents," preparing a registry of exchanges and service providers for digital assets, and establishing an energy consumption plan to supply the nascent industry. Those companies or individuals that carry out activities outside the regulations could be sanctioned with administrative or even criminal measures, that is, offenders could go to jail.

This is a damn 180 turn from what was supposed to happen, they went straight for regulation, asking for a license for every bitcoin elated activity and making mining without government authorization a crime. This ain't Salvador is China-style regulation.

The most significant difference is that the Paraguay bill does not grant Bitcoin, or any cryptocurrency, legal tender status – pending approval, digital assets will be classified as property

So no legal tender, which means taxation, and guess what:

“Digital assets are not legal tender currencies used by the Paraguayan State, and for this reason, they are not backed by the Central Bank of Paraguay.” Legislators propose in the project that any transaction carried out with cryptocurrencies, from and to the country, must be taxed with a percentage yet to be defined.

Probably the biggest flop, it would have been better if they would have just stayed quiet.