As Cryptocurrency adoption starts countries are forced by the system to create a legal framework now the same point of concern comes from Paraguay where the Legal Framework process for regulating crypto has been started
In reality, Paraguay’s Second Chamber of Congress (the Chamber of Deputies) approved, by the vote of 40-12 an act that would govern crypto mining as well as trading with a few changes. The entire discussion took place on May 25. Broadcast on YouTube on the 25th of May.
In Latin American countries, it has been observed that small American islands and countries are trying to Attract crypto investors and other crypto mining-related firms, and this is a very good and sparkling thing for cryptocurrency. A point that is also need to about Paraguay is that the electricity cost is very cheap and this definitely attracts Crypto miner firms .
After the Chamber of Deputies has adopted the legislative model and the bill is now scheduled to go again to the Senate that originally approved the bill in the same form on December 20, 2021. Once it is passed to the Senate it will be required to accept the changes and after that, the approved bill will be passed through the executive department.
Additionally it also contemplates the establishment of a registry for any person or legal entity that wants to engage in trading with crypto and custodial services for third-party customers. But the concept for exchange is absent.
Coinmarketcap Prediction about Countries who can adopt bitcoin as legal tender
In 1 st list we can see that legal tender countries are El Salvador and second is Central African Republic .
Countries that may consider bitcoin a legal tender in the future, their prediction is as follows as Per Coinmarketcap data. 1.Paraguay 2.Venezuela 3.Anguilla 4.Ukraine 5.United States 6.Russia