El Salvador Follows, Paraguay Considers Legalizing Bitcoin

Suara.com – Paraguay is considering legalizing Bitcoin as its official currency, following El Salvador. Several other countries in Latin America such as Panama are also considering it.

Indodax CEO Oscar Darmawan responded, The Paraguayan government is considering Bitcoin as part of its monetary ecosystem. It could be, Paraguay is the second country that will legalize Bitcoin.

“Paraguay has announced that it is considering legalizing Bitcoin. Several neighboring countries are also considering it. This is their step to reduce dependence on the US Dollar,” Oscar said on Saturday (26/6/2021).

Paraguay is said to want to become a crypto center in the Latin American region. They also want to be a model for other countries in terms of legalizing crypto money as a means of payment. Interestingly, Latin America is the country that uses the most crypto assets.

Also Read: Lawyer Heru Hidayat Calls AGO Failed to Prove Bitcoin Funds

According to Oscar Darmawan, it is natural for developing countries to consider using Bitcoin. Because the problems of developing countries, such as those experienced by El Salvador and Latin America, are also generally problems in other developing countries.

Several problems in developing countries, among others, there are still many people who do not have a bank account. Bitcoin is believed to increase digital financial literacy.

Then, less than optimal foreign investment Bitcoin can optimize foreign investment so that it is more efficient and can reduce dependence on the US Dollar.

“Bitcoin is also believed to be able to reduce the rate of inflation. Because it has been proven to be a good inflation hedge, especially during the pandemic. Developing countries find it difficult to contain inflation, especially in the midst of a pandemic like this,” he said.

Oscar Darmawan said, in the future, there might be other countries that will consider Bitcoin and implement it like what El Salvador did.

Also Read: This Country Recognizes Bitcoin as a Legal Payment Instrument, World Bank Rejects

“Because Bitcoin adopting blockchain technology can solve the financial problems of developing countries and poor countries around the world,” said Oscar Darmawan.

Source: Suara.com – Kumpulan Berita Bisnis Hari Ini Yang Terbaru by www.suara.com.

*The article has been translated based on the content of Suara.com – Kumpulan Berita Bisnis Hari Ini Yang Terbaru by www.suara.com. If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!

*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.

*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!