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Paraguayan lawmakers will present the Bitcoin bill on July 14th



Paraguayan Congressman Carlitos Rejala and Senator Fernando Silva Facetti plan to introduce a Bitcoin (BTC) proposal to Congress on Wednesday, July 14, emphasizing the urgent need for lawmakers to formulate a coherent digital asset strategy for their country.

“I am here to unite Paraguay,” Rejala tweeted Friday, adding that he and his fellow lawmaker are planning a “mega-surprise for Paraguay and the world.”

Although Rejala did not specify what the bill would entail, some lawmakers in the country will follow El Salvador’s leadership in making Bitcoin a legal tender. On June 6, Rejala announced to his more than 50,000 Twitter followers that digital assets would be associated with “an important project to innovate Paraguay in front of the world.”

Based on Rejala’s previous statements, the forthcoming bill will introduce measures that make Paraguay a leading center for foreign cryptocurrency investors, companies and perhaps even Bitcoin miners. Potentially, this will include provisions to accept BTC as legal tender.

Like other Latin American lawmakers, Rejala added laser eyes to his profile picture on Twitter, a symbolic way to show his bullish view of BTC.

Related: What’s really behind El Salvador’s ‘Bitcoin Law’? Experts answer

Latin America has emerged as a potential hub for the adoption of cryptocurrency due to local economic and fiscal pressures, particularly in countries such as Argentina, Venezuela and Mexico. As Cointelegraph reported, Latin America is now home to at least two cryptocurrency unicorns, a term used in the venture capital industry to describe startups with a valuation of $ 1 billion. $ Or more.

2TM Group, the parent company of the Brazilian cryptocurrency exchange Mercado Bitcoin, recently completed a $ 200 million financing round with SoftBank, bringing its total value to an estimated $ 2.1 billion. Meanwhile, the Mexican crypto exchange Bitso is valued at $ 2.1 billion after completing a Series C funding round.