Paraguay may approve bitcoin, and El Salvador is fighting for BTC

Paraguay may approve bitcoin

Bitcoin could become a legal payment instrument In Paraguay. Congressman Carlos Rejala said the initiative found support among “a number of very important businesses in Paraguay.”

“There will be several surprises in this bill. […] I think it will be extremely significant and important for the cryptocurrency world,” Rejala said.

Prior to this, the congressman attracted the interest of potential investors for low taxes in the country, a young labor market and access to renewable energy sources.

El Salvador is fighting for BTC

El Salvador recently recognized BTC as a legal payment instrument. However, the country’s leader Nayib Bukele turned out to be a bitcoin-maximalist, the rest of the cryptocurrencies will not receive the status of official ones.

“It will be impossible to give such a status to ten assets … Even two legal tender is very difficult. Therefore, there will be only bitcoin and the US dollar,” Bukele said.

At the same time, the country’s leader said that the authorities are not against the use of alternative cryptocurrencies. On the contrary, Bukele believes that international crypto startups should open offices in El Salvador.

Paxos has announced the need to regulate

Paxos CEO Charles Cascarilla believes stablecoins need regulation. The crypto enthusiast believes that assets that are pegged to fiat money or precious metals should be regulated.

Thus, they will cease to be trading tools for cryptocurrency enthusiasts, and will be legally used internationally. Without proper control, stablecoins will not become an understandable asset for the authorities and large companies.

“Stablecoins are public and pseudo-anonymous. The information about the amounts with which transactions are made is open to everyone and can always be checked, ” the head of Paxos said.