Paraguay is Exploring the Possibility of Making BTC Legal Tender

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South American country Paraguay is considering the possibility of making Bitcoin legal tender following the example of El Salvador, as reported by local news magazine La Nación.

Carlos Rejala, deputy of the Partido Hagamos, will present a bill to legalize the use of digital currencies, including Bitcioin, as a payment tool to various transactions in Paraguay. He said:

“Since we announced that we are working on a bill that legalizes the use of digital assets in Paraguay, better known as digital currency, or its best known version, Bitcoin, as legal tender for any type of commercial transaction, several Paraguayan companies already joined and took a step forward towards the new era of transactions, which makes us proud.”

The bill will reportedly stipulate that Bitcoin can be used for any type of transaction in the country while the authorities will be responsible for promoting and training different sectors so that they can access this new means of payment.

According to Carlos Rejala, if the law is eventually passed, the prices of goods and services will also be expressed in Bitcoin, and the State will not intervene in the conversion of Bitcoin into other currencies, as its value is determined by the market.