MPs fear their countries lag in new developments. Legislators from Argentina and Brazil also open new doors of support for bitcoin.
El Salvador’s move to adjust its legislation to adopt bitcoin (BTC) as a legal tender is a great highlight and is waking the interest in other nations of Latin America. Now congressmen from Panama and Paraguay revealed their intentions to propose bills to make cryptocurrency a vital part of their financial system and monetary policies.
For Panamanian deputy Gabriel Silva, El Salvador’s decision could open a whole new world of technological development, so his country should take the same actions. The legislator assured this Monday, June 7, that he will propose legislation to encourage the use of cryptocurrencies.
This event is relevant and Panama does not want to be left behind. Panama desires to become a true technology and entrepreneurship hub, so the country has to support cryptocurrencies. Silva said through Twitter that he will be preparing a proposal to present at the Assembly.
Following Silva’s intentions, Paraguayan deputy Carlos Rejala took a supporting posture on the potential of the adoption of bitcoin and cryptocurrencies. The legislator assured that Paraguay could benefit from the ecosystem of digital assets and its market of two trillion dollars, which would help to improve the sending of remittances and new upcoming investments.
According to Rejala, Paraguay’s Gross Domestic Product could increase to double digits if Bitcoin-related companies start investing in the nation. It is important to start talking and, above all, do things that boost the financial system with projects that connect governments with global innovations that benefit more people,” said the Guaraní parliamentarian.
Argentina and Brazil are Moving Closer to Bitcoin
While from Panama and Paraguay voices begin to sound of potential adoption of bitcoin, in Argentina and Brazil some deputies are beginning to show their sympathy for the cryptocurrency created by Satoshi Nakamoto.
In the Amazon nation, legislator Fabio Ostermann updated his Twitter profile with an image wearing laser eyes or “laser eyes” in support of bitcoin. Ostermann was followed by Congressman Gilson Marques who also made his change public and released the hashtags #bitcoin and #tothemoon referring to a sudden growth in BTC’s price.
In Argentina, the parliamentarian Francisco Sánchez, deputy for Neuquén, now has the “laser eyes”. He updated his profile on the social network, and the official shared a message saying that he could not believe it, but that is the way it is.
Unlike the pronouncement of the legislators of Panama and Paraguay, in the case of the Brazilians and the Argentine, there are no further details about potential proposals to adopt bitcoin as legal currency in their nations. However, the display of their endorsement of BTC draws attention as they could pave the way for more friendly laws in terms of cryptocurrency.
Last Saturday, June 5, Nayib Bukele, the President of El Salvador, announced that his country would start to face a regulatory process that would allow it to adopt bitcoin as legal tender.
By: Jenson Nuñez
