Why Paraguay Isn't Going to Make Bitcoin Legal Tender

[Casual]

Congressman Carlos Rejala has big Bitcoin plans for Paraguay. But legal tender status isn't in the cards for the South American nation, and here's why. Nayib Bukele's political moves in El Salvador earned the president the support of a large part of the cryptocurrency industry, as the Central American country opened its doors to Bitcoin as legal tender. The news, of course, piqued the interest of several politicians around the world, causing a wave of pro-Bitcoin intentions across Latin America. One of those politicians who quickly jumped on the wave was Carlos Rejala, a Paraguayan congressman from the Hagamos Party.  In early June, a series of tweets from Rejala positioned him among observers as the next politician to push for adopting Bitcoin as legal tender—Paraguay could become the “next El Salvador,” eager Bitcoiners speculated.more