The central theses
- Carlitos Antonio Rejala Helman, a Paraguay official, plans to introduce bitcoin legislation in July.
- Rejala Helman hinted at this as early as June when he proposed a project with Bitcoin and PayPal.
- One of Paraguay’s leading entertainment companies, Grupo Cinco, is also planning to accept Bitcoin and other cryptocurrencies.
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Carlitos Antonio Rejala Helman, a Nation MP and member of Congress in Paraguay, plans to propose bitcoin bill next month.
Official proposes legislation in July
Today Rejala Helman stated on Twitter that he plans to introduce new legislation on bitcoin and cryptocurrencies within the next month. “This is Paraguay,” he wrote. “July we pass laws!”
Rejala Helman hinted at the introduction of new Bitcoin legislation in early June when he suggested that the country work on a project with Bitcoin and PayPal.
So far, only a few more details have been revealed. However, El Salvador, which is introducing laws making Bitcoin a form of legal tender, is likely to affect Rejala Helman’s plans.
This type of legislation could make Bitcoin transactions between individuals and in commerce more common.
Other developments in Paraguay
The news comes after another related development. Grupo Cinco, one of Paraguay’s largest entertainment companies, plans to start accepting cryptocurrencies next month. The group will accept Bitcoin (BTC), Ethereum (ETH), Shiba Token (SHIB) and Chiliz (CHZ).
Grupo Cinco works with companies in the nightlife industry. That means it will help 24 companies – including nightclubs, restaurants, and pubs – accept the cryptocurrencies listed above.
Rejala Helman confirmed Grupo Cinco’s plans to introduce cryptocurrency, stating that Paraguay’s youth are the country’s “main ally”. He added that “a whole new way of thinking is ahead” and said, “The leap that Paraguay can make is unprecedented.”
Disclaimer: At the time of writing, this author held less than $ 75 in Bitcoin, Ethereum, and Altcoins.
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