South American nation Paraguay is following El Salvador’s lead and is on track to make Bitcoin (BTC) a legal tender following the announcement of the proposal of a bill to support the move. The bill proposal was affirmed by a member of parliament, Carlitos Rejala, who shot into global fame in the past weeks. Paraguay could become the second country to embrace Bitcoin as legal tender after El Salvador.
“The bill will help position the country to trail the path of growth for the next generation.”
Parliament member Carlitos said the bill would help position the country to trail the next generation path. The world’s leading cryptocurrency bitcoin has seen both worse and best days in the past few months as the cryptocurrency’s energy-related FUD swayed prices away from their all-time high of $64,000. However, news of Bitcoin becoming a legal tender in El Salvador has helped to cushion the market. This trend can be bolstered by the proposal of this similar bill in Paraguay.
Global regulators criticize El Salvador for authorizing bitcoin as legal tender.
El Salvador’s decision to make the world’s leading cryptocurrency bitcoin a legal tender was not met with enthusiasm from global regulators. While the International Monetary Fund (IMF) earlier raised economic concerns about El Salvador’s decision o make Bitcoin a legal tender, and the World Bank denied the country any help to implement the cryptocurrency in its monetary system. Bitcoin has also received a lot of criticism from global regulators over its massive energy consumption and adding to the climate crises. However, more and more bitcoin miners are moving towards using more clean energy to fuel their machines. El Salvador is set to tap into its Volcanoes to generate geothermal energy it is set to use in mining Bitcoin.