Putting to rest speculation that Paraguay could soon follow El Salvador in making Bitcoin legal tender, Paraguayan lawmaker Carlos Rejala has clarified with Reuters that he only wants Paraguay to regulate cryptocurrencies, not make BTC into a national currency.

Fast facts:

  • Earlier this month, news outlets — including Forkast.News — reported Rejala intended to introduce a bill to establish Bitcoin as legal tender in Paraguay, based on reporting in La Nación, a Paraguayan newspaper .
  • In that article, Rejala was reported as saying: “Since we announced that we are working on a bill that legalizes in Paraguay the use of digital assets, better known as digital currencies, or its most popular version, Bitcoin, as legal tender for any type of commercial transaction, various Paraguayan companies have already joined and taken a step forward towards the new era of transactions, which makes us proud.”
  • On Friday, the centrist legislator distanced himself from those statements, telling Reuters: “It is a bill of digital assets and it differs from that of El Salvador because they are taking it as legal currency and in Paraguay it will be impossible to do something like that.”
  • Juanjo Benitez Rickmann, CEO of Bitcoin.com.py, recently tweeted that he is working with Rejala on the bill — slated for introduction to Paraguay’s Congress on July 14 — to increase crypto investment in the country and to make use of Paraguay’s abundant renewable energy for mining.
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