Paraguayan lawmakers to present Bitcoin bill on July 14

Paraguayan Congressman Carlitos Rejala and Senator Fernando Silva Facetti are preparing to present a Bitcoin (BTC) bill to Congress on Wednesday, July 14, highlighting the lawmakers’ seriousness in creating a meaningful digital possession technique for their nation. 

“I am here to unite Paraguay,” Rejala tweeted Friday, including that he and his fellow legislator are preparing a “mega surprise for Paraguay and the world.”

Although Rejala didn’t define what the bill would require, some lawmakers in the nation desire to follow El Salvador’s lead in making Bitcoin legal tender. On June 6, Rejala informed his more than 50,000 Twitter fans that digital possessions would be linked to “an important project to innovate Paraguay in front of the world.”

Based on Rejala’s previous declarations, the upcoming bill will present procedures to make Paraguay a leading center for foreign cryptocurrency financiers, services and possibly even Bitcoin miners. Potentially, this will consist of arrangements to accept BTC as legal tender. 

Like other Latin American lawmakers, Rejala included laser eyes to his profile image on Twitter, a symbolic method of revealing his bullish outlook on BTC.

Related: What is actually behind El Salvador’s ‘Bitcoin Law’? Experts response

Latin America has actually become a possible hotbed for cryptocurrency adoption due to regional financial and financial pressures, particularly in nations like Argentina, Venezuela and Mexico. As Cointelegraph reported, Latin America is now house to a minimum of 2 cryptocurrency unicorns, a term utilized in the equity capital market to explain start-ups with an evaluation of $1 billion or more.

2TM Group, the moms and dad business behind Brazilian cryptocurrency exchange Mercado Bitcoin, just recently finished a $200 million financing round with SoftBank, bringing its overall evaluation to an approximated $2.1 billion. Meanwhile, Mexican crypto exchange Bitso is valued at $2.1 billion after concluding a Series C financing round.