Yesterday, Paraguayan Congressman Carlitos Rejala shared on Twitter his plans to run for the presidency in 2023 and set up bitcoin as an official foreign money for his nation if he wins. Rejala additionally co-authored a invoice proposal with Senator Silva Facetti in July that sought to control Bitcoin in Paraguay, although that invoice categorised BTC as property as a substitute of authorized tender.
The progressive member of Paraguay’s Chamber of Deputies told Bitcoin Magazine in July that the objective of adopting Bitcoin is to “welcome the innovation of cryptocurrencies in Paraguay to the world.” Nevertheless, the proposed invoice sought to make sure tight management over bitcoin mining to the Paraguayan authorities and try to supply investor safety from bitcoin companies within the type of intense regulation.
Since El Salvador enacted its Bitcoin law on September 7, many rumors have surfaced that different nations would follow suit within the coming months. Ukraine lately took steps in that course by legalizing Bitcoin, though the brand new laws didn’t make the foreign money a authorized tender within the nation. Paraguay is now the most recent on the listing, and its pure traits make it an ideal residence for the bitcoin mining business.
Rejala’s nation employs practically 100% renewable vitality sources from hydroelectric dams, probably the most iconic of which, Itaipu, is the second-largest on this planet and produces round 14 gigawatts (GW) of energy. That a lot inexperienced vitality may definitely be leveraged by bitcoin miners however offered they abide by Paraguay’s guidelines. Rejala and Facetti declared of their invoice that these wishing to arrange store within the nation would want to request and obtain a bitcoin mining license granted by the Ministry of Business and Commerce (MIC).
It’s unclear if Rejala’s tweet signifies an precise intent to run for the presidency in his nation. The congressman seems to be a Bitcoin bull; nonetheless, the extraordinary scrutiny proposed by his invoice poses some questions as as to whether his nation would be capable of absolutely embrace Bitcoin.