Paraguay joins the group of countries interested in cryptocurrencies

Thanks to the interest of the cryptocurrency law firm Gresham International, Paraguay could join the list of those interested in cryptocurrencies as well as blockchain technology. According to the report that quoted Cal Evans from Gresham International, the government is exploring laws that could be implemented in the short and long term. It was even revealed that the rules would be beneficial for the crypto community and the Latin American nation.

This decision makes it clear that the government of Paraguay observes cryptocurrencies as a long-term opportunity for foreign companies as well as for citizens. “The government takes very seriously the introduction of new legislation on cryptocurrencies that will transform them into a regional leader.”

While countries such as China and Switzerland are developing their own digital currencies, Paraguay has no expansion plans of such dimensions; however, the new laws are expected to be effective by 2020, if they are approved. In addition to Bitfury’s plans to establish bitcoin mining operations in Paraguay, a more sustainable future for this country can be envisioned on the blockchain platform.

Cryptocurrency influences in Latin America embrace the continent progressively. A similar case occurs in Venezuela, although with a little more progress compared to Paraguay because the South American nation already has its digital currency, Petro, or as the government of Argentina which imposed rules on exchanges to force them to bring information to the government about their clients.

It is currently a fact that more Latin American countries observe cryptocurrencies as an opportunity for growth and financial stability that many of them do not have.

K.Villarroel

Source: ambcrypto