Carlos ‘Rejala’, a member of the Paraguayan parliament, did the opposite to his proclamations. His proposal of Bitcoin Law does not mention Bitcoin even for a single time. He cashed the event of El Salvador’s declaration and linked himself with it for taking advantage out of it. Subsequently, he launched a campaign of Twitter marketing offering big promises, but it ended up bringing a complete disappointment for the entire world.
The proposed bill discusses virtual assets or crypto assets. The main focus of it is to register more and more people under the government and ultimately regulate them severely. The initial half presents the descriptions of various technologies and terms, which is worthwhile. The remaining half contains the threats as well as potential penalties for the people who reject to observe the law. It also makes it clear that the additional energy of Paraguay should be utilized for crypto mining and afterward regulate the crypto miners.
Senator Fernando Silva Facetti is another person involved in this matter who was accompanying ‘Rejala’ in the formation of the bill. They intend to shake hands with the influencers who can increase the chances of their bill’s approval.
Various views on the bill
‘Rejala’ acquired enormous support from the Bitcoin community by posting that the BTC community is offended. However, the proposed document did not include anything such as Bitcoin Law in the least count. ‘Rejala’ stated that the bill was proudly represented as it would assist the fiscal, financial, economic, and other aspects of the country at a broader level. He added that the country owns a large surplus of renewable energy keeping the Yacireta and Itaipú hydroelectric plants.
Recently, Juan Pessolani (a Paraguayan tech enthusiast and architect) shared some portion of the respective bill with Decrypt media. In addition to alleging the lawmakers for robbing 90% of wording from the former proposals presented in Colombia and Argentina, he disclosed that no innovation had been encouraged by the draft, and it does not even produce incentives for economic development in the society. Rather, he added, it develops hurdles for the community by benefitting the others.
Did any possibility of Bitcoin Law exist in Paraguay?
Reja expressed in a quoting that the bill differed from that of El Salvador as it there the status of Bitcoin that of a legal tender, but here it is impossible to do as such. Similarly, Arapy network’s founders sketched Paraguay being warned by the central bank authorities from dealing with cryptocurrencies; however, the government has simultaneously begun bankrolling the blockchain projects. In this way, a complete ban is inactive.
Consequently, it was not expected by the bill to make BTC a legal tender but what has come out of it is categorically disappointing for the community.