Since Bitcoin was adopted as legal currency in El Salvador, the crypto world is watching and waiting for who will be next. There could be a few South American countries to vote for legalizing crypto and paving the way for crypto infrastructure sooner rather than later.
Leaders from countries including Panama, Paraguay, Mexico, Argentina, Nicaragua, and Brazil, have all expressed support for cryptocurrencies and some are already moving to introduce legislation supporting the digital currency.
Panama Congressman Preparing Crypto Bill For July
Panamanian Congressman Gabriel Silva is preparing a bill to be unveiled next month that calls for widespread adoption of cryptocurrencies in the country as legal tender.
Still, further, the bill could potentially offer incentives for businesses that are in the crypto space such as tax exemptions and work permits.
Related Reading | Why Bitcoin Declared Legal Tender Could Have Major Implications
Shortly after the announcement by El Salvador’s President Nayib Bukele, Silva tweeted knowingly about how important the adoption of cryptocurrencies is for keeping up with and right now frankly leading, the rest of the world.
Esto es importante. Y Panamá no se puede quedar atrás. Si queremos ser un verdadero hub de tecnología y emprendimiento tenemos que apoyar las criptomonedas
Estaremos preparando una propuesta para presentar en la Asamblea. Si están interesados en construirla me pueden contactarte https://t.co/yiAzPpD9nj
— Gabriel Silva (@gabrielsilva8_7) June 7, 2021
In English, the tweet reads:
This is important. And Panama cannot be left behind. If we want to be a true technology and entrepreneurship hub, we have to support cryptocurrencies We will be preparing a proposal to present at the Assembly. If you are interested in building it, you can contact me
Bitcoin has always been for the people, by the people. It is certainly fitting that a progressive young leader paving the way for crypto is available for contact and wants anyone interested to be involved in the project.
Will Paraguay Adopt Cryptocurrency Next?
Meanwhile, Paraguay is also aligning itself to become the crypto capital in South America.
Congressman Carlos Rejala is leading the way with a bill that will entice crypto businesses and crypto mining companies to operate within the country.
If this first bill is approved, he plans to present a second bill legalizing bitcoin and other cryptocurrencies as legal money within the country.
Como ya lo decía hace un buen tiempo, nuestro país necesita avanzar de la mano de la nueva generación.
Llegó el momento, nuestro momento.
Esta semana empezamos con un proyecto importante para innovar a Paraguay frente al mundo!
— Carlitos Rejala 🙏🇵🇾🙌 (@carlitosrejala) June 7, 2021
In English the tweet reads:
As I was saying a long time ago, our country needs to advance hand in hand with the new generation. The moment has come, our moment. This week we start with an important project to innovate Paraguay in front of the world! The real one to the moon
Rejala knows that in order to stay current with the rest of his South American peers, Paraguay must position itself to be at the forefront of the crypto revolution.
He understands that this is a pivotal moment in history and that as the new generation, he must advocate for adopting blockchain technology.
Who Will Adopt Bitcoin Next?
South America is certainly leading the way ahead of the rest of the world when it comes to bitcoin, cryptocurrency, and blockchain technology adoption on a country-wide legalized scale. Soon enough, it seems like every country in South America will legalize some form of crypto.
Related Reading | How CABEI Will Support Implementation Of Bitcoin Law In El Salvador
Speculation is tough, but if the market continues its recent upswing, I suspect many more countries will be eager to get in on the crypto revolution.