El Salvador has now set the pace for countries looking to adopt cryptocurrencies following its recent milestone on adopting Bitcoin as a legal tender along with the US Dollar. Now, two other Latin American countries, Paraguay and Mexico are looking to follow suit. TheDechained had earlier reported El Salvador’s move on Bitcoin.
In light of this, Carlos Rejala, a Paraguayan congress member is looking to submit a bill in order to attract important crypto projects to the country. He cited El Salvador’s recent landmark step on Bitcoin in a tweet.
Carlos Rejala, a 36-year-old entrepreneur who started trading crypto in 2019 after discovering Bitcoin in 2017 emphasized on the fact that Paraguay will be a conducive environment for crypto mining companies and crypto exchanges as a result of the country’s low-cost energy and friendly tax regulations. The congressman says he will push a second bill for Bitcoin adoption as a legal tender.
Mexico Looking to Follow Suit
Mexico will be third sovereign and Latin American country if the proposal to be submitted by Mexican senator, Eduardo Murat Hinojosa, is seconded by lawmakers in Mexico.
The proposal is geared towards the adoption of crypto in the country following El Salvador’s recent law on Bitcoin adoption. The senator also tweeted a profile picture of himself with the notable laser eyes signifying his pro-crypto stance. He had also tweeted that he will be pushing for a legal structure for cryptocurrencies in Mexico.
Another senator, Indira Kempis Martínez had adopted the notable laser eyes picture. Although this is not the first time a call is being made for crypto adoption in Mexico. There are individual crypto investors in the Latin American country, however, there were reports last year of cartels using crypto as a means to launder money.
El Salvador is playing a big brother with respect to crypto adoption as other countries in the same region are following suit. These are definitely bullish events for the crypto market.