Paraguay Proposes To Adopt Bitcoin As Legal Tender Following El Salvador's Footsteps Backing The Cryptocurrency

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Paraguay Proposes To Adopt Bitcoin As Legal Tender Following El Salvador's Footsteps Backing The Cryptocurrency

The nation of Paraguay has announced that it plans to make cryptocurrency Bitcoin its legal tender, bringing the nation into line with El Salvador who adopted the cryptocurrency as legal tender last month.


The bill proposing making Bitcoin legal tender is currently passing through parliament.


The move comes at a time when Bitcoin's price has fluctuated rapidly, from today at £26,000 to an all-time high of £46,000 last year.


However, Paraguay may find it difficult to implement their proposals as El Salvador is already finding out, due to opposition from the World Bank and the International Monetary Fund (IMF).


The World Bank said in an email:


"We are committed to helping El Salvador in numerous ways including for currency transparency and regulatory processes. While the government did approach us for assistance on bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings."


While the IMF said:


"Adoption of bitcoin as legal tender raises a number of macroeconomic, financial and legal issues that require very careful analysis. We are following developments closely, and we'll continue our consultations with the authorities."


They are not the only ones to raise concerns about the cryptocurrency plan. Patrick Esteruelas, research head at Emso Asset Management, said of the plan:


"Crypto is a very marginal story to the Salvadoran investment thesis. Whether El Salvador is going to be attractive (for investors) or not is going to depend on Bukele's ability to use his unquestionable political capital to bring a large consolidated fiscal deficit into control. The law by itself does not assuage doubts about the feasibility of the project nor does it add any confidence the development will put the IMF program back on track."


Both Paraguay and El Salvador hope that by adopting Bitcoin, they will have a competitive advantage and that it may attract foreign speculative investment. The countries also hope that it will cut down transaction fees from citizens abroad sending money back to their respective nations.


[h/t: Coin Gape]


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Thinking Humanity: Paraguay Proposes To Adopt Bitcoin As Legal Tender Following El Salvador's Footsteps Backing The Cryptocurrency
Paraguay Proposes To Adopt Bitcoin As Legal Tender Following El Salvador's Footsteps Backing The Cryptocurrency
The nation of Paraguay has announced that it plans to make cryptocurrency Bitcoin legal tender, bringing the nation into line with El Salvador who ado
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