Paraguayan Congressman Carlitos Rejala and Senator Fernando Silva Facetti are reportedly working towards presenting a Bitcoin (BTC) bill to Congress on July 14th. 

Specifically, the initiative from El Salvador to legally consider Bitcoin as legal tender in June seems to have had an effect on policymakers throughout the area, to start working on crypto-centric strategies, with Paraguay to be next. 

The development – which highlights how urgent it is to generate a coherent digital asset strategy from policymakers – reportedly includes Rejala sharing via Twitter that “I am here to unite Paraguay”, further revealing that he and his associate’s lawmakers are working on a “mega surprise for Paraguay and the world.”

Despite Rejala not disclosing the specifics of the bill’s content, several policymakers in the nation desire to follow El Salvador’s footsteps in legally considering Bitcoin as legal tender. On June 6th, Rejala took to Twitter to reveal that crypto assets would have a connection with “an important project to innovate Paraguay in front of the world.”

Taking into account the information from Rejala’s remarks, the upcoming bill would reportedly roll out different measures to put Paraguay in the pioneering position as a hub attracting crypto investors, establishments, and probably Bitcoin miners from outside the country. The bill could possibly come with provisions to consider BTC as legal tender as well. 

Latin America has reportedly been acknowledged in recent times as a potential hub supporting crypto adoption, because of local economic and fiscal pressures, in a few particular nations, nominally Argentina, Venezuela, and Mexico.

Latin America is reportedly hosting a minimum of two crypto unicorns – a term used across the venture capital sphere talking about startups with a valuation of $1 billion or over.