It seems that Paraguay is going to follow El Salvador in terms of legalizing Bitcoin and crypto assets and focusing on the mining industry. A new Bitcoin law proposal is leaked on the internet that shows the government is looking for ways to move on to the crypto mining industry. The leaked proposal focuses on legislation and providing economic plans for using crypto assets in the Paraguay region. In a nutshell, it seems that the government wants to enter the blockchain industry completely and benefit from its opportunities to reach financial goals.
Latin America Moving Toward Crypto
It was some weeks ago that the El Salvador government announced legalizing Bitcoin and using it as a payment service. The new decision had many effects on the industry and even resulted in some hope for the traders, too. Although the effect wasn’t strong and broad enough, it showed the opportunity of governments and traditional organizations believing in the cryptocurrency industry. Some governments like China have embraced the blockchain and crypto industries, but they focused on CBDCs. Using the prominent cryptocurrency, Bitcoin, as a payment service shows another level of accepting the crypto.
The newly leaked document from the Paraguay government shows another Latin American country may be planning to legalize the crypto industry. As the document shows, the proposal focuses on the legislation and assuring the economic outcomes of using cryptocurrencies. Part of it focuses on the crypto mining industry as a profitable solution.
The new proposal says that the crypto mining industry can help the Paraguay government expand its investment portfolio and find new ways for earning. The biggest difference in the Paraguay proposal compared to the El Salvador legislation is that they’re not necessarily looking to use Bitcoin or other crypto assets as payment. The proposal offers a new way of earning money. But after all, we can expect the government moves to legalize other aspects of the industry if it finds added value in the mining activities. Anyhow, when mining becomes a new way of earning for a government, it should work on other aspects for trading the mined coins, and we can expect the crypto payment to become a new solution in Paraguay, too.
After all, the leaked proposal has a long way to go to become law in Paraguay. Many things may happen in between and even result in rejecting the proposal. But if Paraguay becomes a government with crypto mining investment, we can expect many more developing countries to follow them and embrace the crypto industry as a whole.
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