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Since El Salvador took a step forward in recognizing Bitcoin as legal tender, politicians from other Latin American nations also have signaled similar intentions.
As supported by congressman Carlitos Rejala, Paraguay is making plans to talk about the official legalization of Bitcoin.
After that the congressman’s confirmation, Paraguay Entertainment Group also announced it will take Bitcoin, Ether, and SHIB following month
Paraguay Entertainment Group Accepts Bitcoin, Ether, SHIB Next Month
Grupo Cinco, which claims to be Paraguay’s biggest entertainment company, will begin accepting cryptocurrencies such as bitcoin (BTC, -7.3 percent) next July.
Directors Santiago Sosa and Rodrigo Nogues Bazan state that the company intends to take ether, shiba inu together with cryptocurrencies as forms of payment in its 24 shops, including nightclubs, pubs and restaurants.
The statement comes following Paraguayan congressman Carlos Rejala announced plans to present a bill whose objective is to attract global bitcoin miners and other crypto companies to Paraguay. Grupo Cinco’s announcement increases the chance that the bill will be passed by Congress, Sosa said.
“We are talking about the top entrepreneurs of Paraguay who have a lot of influence on the youth. This is extremely important because my colleagues support the bill it would be much easier if there was social support at the local level,” stated Rejala.
When accepting cryptocurrencies, GrupoCinco provides suppliers and clients with conventional receipts and invoices, Sosa said, adding that the organization’s companies have more than 50,000 customers per month.
GrupoCinco also owns G5Pro, a live entertainment company that offered 450,000 tickets to events in 2019, Nogues Bazan said. The G5Pro will not take crypto right off for ticket sales, even though it intends to do so shortly.
GrupoCinco implemented crypto obligations with the support of entrepreneur Juanjo Benitez Rickmann, CEO of Bitcoin.com.py, a local mining company, Sosa said.
Payments will be processed via the Lightning Network, and retailers will have the choice of holding those cryptocurrencies or buying them for fiat money, stated Benitez Rickmann.
In keeping with Paraguay’s present regulatory framework, GrupoCinco will treat cryptocurrencies as digital assets as Paraguay doesn’t have a law for crypto assets, additional Benitez Rickmann.
After the COVID-19 lockdown, Sosa and Nogues Bazan began embracing cryptocurrencies for private use and then decided to put them into business, Sosa said.
The adoption of Grupo Cinco could encourage young people in Paraguay to begin using cryptocurrencies as 80 percent of the organization’s clients are between the ages of 18 and 25, Sosa said, adding that 60 percent of the populace number of nations under the age of 30. “That makes Paraguay constantly open to new experiences,” he explained.
Paraguay Discusses Bitcoin Adoption Next Month 7
Since February of the year, using red “laser eyes” has become commonplace to indicate support for Bitcoin. The source of the meme is uncertain, but it had been a part of the driving force that pushed Bitcoin’s value to $100,000.
Some politicians in the above mentioned nations have additional red laser eyes for their social networking photos. This includes the congressman of Paraguay, Carlitos Rejala.
When news of El Salvador legalizing Bitcoin filtered out before this month ), Rejala published a statement mentioning the importance of adopting technological innovations.
He added that Paraguay is working on a project between Bitcoin and PayPal to make this a reality.
“As I said quite a long time ago, our country needs to move forward with the new creation. The moment has arrived, our moment. This week we begin with a significant job to innovate Paraguay in front of the world!
On Thursday, Rejala tweeted that he intends to present Bitcoin legislation . For today, the specific details of the causes are scant. Observers widely expect that Paraguay will contend with El Salvador’s legal tender bill.
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