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Bitcoin is gaining more and more popularity and prominence after the flagship crypto asset was adopted as a legal tender by El Salvador last week. Since then the adoption of the largest crypto asset has been growing in Latin America and according to reports, another South American country is about to join the list.
Paraguay hinted a possible legislation regarding Bitcoin in the last week. Following the rumors, a Paraguayan official has now confirmed that the country will pass a new law regarding BTC in July.
This is monumental for the top crypto asset and BTC enthusiasts and investors. The adoption of BTC by more and more countries can take the digital asset to new heights and give a significant boost to its price as well.
This can indicate a suitable time for people to invest in BTC if they have been planning to do so. Using secure exchanges such as SwissBorg exchange or Kraken exchange can make the entire experience easier. With the growing prominence and utility of BTC it can also be a suitable time for novice parties to start trading crypto, in which case PrimeXBT Covesting is one of the best exchanges to use.
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Details of Paraguay’s Initiative Regarding BTC
Following the adoption of BTC by El Salvador, Panama might be next on the list along with Paraguay.
As reported, Paraguay’s Deputy of the Nation has finally confirmed that the country will be disclosing a new legislation regarding BTC in the next month. According to reports last week, the Deputy of Nation stated that the country is planning to work on an important project, which allegedly included PayPal and BTC.
Deputy of Nation, Carlos Antonio Rejala Helman, did not share any details of the project at the time. However, he made things quite clear as he shared the plans on Twitter a few hours ago.
The announcement by the Paraguayan official came shortly after the Panamanian congressman shared plans to present a bill for the adoption of BTC as a legal tender.
Bitcoin being recognized as legal tender by El Salvador was one of the biggest events in the history of the flagship cryptocurrency. It has also been anticipated to open new doors for BTC investors and traders and increase the ways BTC can be used.
The expectation could very well be met, considering the initiative taken by Panama and Paraguay as mentioned above.
How it Affects BTC Investors and Traders?
People who have been interested in purchasing BTC or those who have already done so, can both benefit from this news. The adoption of Bitcoin by countries can increase the number of ways it can be used. This can elevate the utility and status of the flagship crypto and make it more than just a digital asset.
It can also offer numerous opportunities for the people and can prove to be beneficial for the economy of a country. While major advantages of adopting the top crypto asset by a country are yet to be seen, Bitcoin enthusiasts are certainly hopeful.
Therefore, if you have been thinking of investing in BTC but haven’t done so yet, it is important that you use safe crypto exchanges and invest safely.
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