The country of Paraguay is making some bold claims, saying that it will be the first country in South America to have its currency “backed by Bitcoin.” The announcement is a creative, and perhaps somewhat baffling, play on the country’s nickname, “the landlocked Paraguay of the North,” which refers to the fact that Paraguay shares a border with Argentina and Brazil. “This will go down in history for the first time that a country in South America will be ‘backed by a cryptocurrency’,” the country’s President, Mario Abdo Benitez, said in a speech.
It’s been a tumultuous year for cryptocurrency, and if things keep going the way they are, 2017 could be a very good year for bitcoin. As the world’s first digital currency, bitcoin has been divisive, a sharp contrast to its mostly-positive image in the press and general public. But, as the new year dawns, bitcoin is being given the chance to catch its breath and regain its former glory.
Bitcoin has been on a massive upswing since the start of the year. The price of the original cryptocurrency has more than doubled in value since January 1st. Its popularity has exploded as many investors look to hedge against the effects of economic uncertainty and political turmoil. In January, the price of one bitcoin topped $1,000 for the first time in history. By February, it was worth over $2,000. As of March, it’s worth more than $3,000.. Read more about when was bitcoin at its lowest and let us know what you think.Paraguay is launching a major project this week that alludes to bitcoin (BTC) and its status as legal tender, deputy Carlitos Rehala announced in a tweet. Just one day after El Salvador’s President Nayib Buquele made the announcement on Twitter, Paraguay appears to be the next country to legalize bitcoin.
House Representative Rehala updated his profile picture on Twitter and added laser eyes while making a statement suggesting that bitcoin could soon be considered legal tender. As I’ve been saying for a long time, our country needs to go hand in hand with the new generation. The time has come, our time. We begin this week with a valuable project that will renew Paraguay for the world, Rehala said on Twitter, adding at the end of his announcement: #btc & #paypal. As I said before, our country needs to be developed by a new generation. The time has come, our time. Esta semana empezamos con un proyecto importante para innovar a Paraguay frente al mundo! El verdadero over the moon #btc & #paypal pic.twitter.com/ZMRJgAIxgO – Carlitos Rejala (@carlitosrejala) 7. June 2021 Bitcoin adoption got a boost when politicians in Latin America started saying the region was ready to embrace cryptocurrencies. The drums sounded as El Salvador’s President Nayib Bukele unveiled plans to make bitcoin a legal tender. Bukele unveiled his plans this weekend at the Bitcoin 2021 conference in Miami and announced that the bill will be submitted to regulators this week.
To the moon
The phase of adopting cryptocurrencies as legal tender is coming, and we are seeing countries begin to implement plans to include bitcoin in their state coffers. In an effort to protect their economies from inflation and the domino effect caused by the falling value of the U.S. dollar, countries like El Salvador and Paraguay have realized that bitcoin could be the answer. Hyperinflation and devaluation mean that safe assets like cryptocurrencies are increasingly in demand. At present, governments around the world are taking radically different positions, ranging from strict opposition to welcoming adoption. More and more countries will jump on the crypto bandwagon, but we can only guess who will be next. Greater predictability is what all investors are looking for.
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As cryptocurrencies co-exist with government-backed currencies worldwide, many of them have come to expect more than a mere promise of economic stability. On January 18th, 2018, the Central Bank of Paraguay made a significant announcement regarding their stance on crypto. In a press release, the bank stated that “Bitcoin is not legal tender in Paraguay and should not be considered a safe haven for investment.”. Read more about when to buy bitcoin 2021 and let us know what you think.
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