Following El Salvador’s landmark vote to adopt Bitcoin as an official currency earlier this month, another domino in Latin America looks set to fall.
The Central American country made history when it voted to make bitcoin legal tender on June 8, a decision that was applauded by politicians in a slew of Latin American countries, including Panama, Argentina and Brazil.
Lawmaker Carlos Rejala is now leading a bid to implement legislation to make Paraguay the second country to do so.
On Thursday, he announced on Twitter that he would be introducing a bill in the country’s National Congress in July that would likely mirror El Salvador’s new cryptocurrency law.
As well as introducing measures to make Paraguay a hub for foreign crypto investors, the draft legislation – which, according to Rejala, will be published on July 14 – would also seek to establish Bitcoin as legal tender.