Paraguay Is Planning a Bitcoin-Related Project Allegedly Involving PayPal

A Paraguayan Deputy has said that he will be working on a crypto-related project this week, specifically with Bitcoin, which could also have PayPal payments on board. During a tweet, Carlos Rejala announced it in the wake of El Salvador’s government bill submission to Congress to make BTC a legal tender in the country.

“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!” MP Rejala said, ending his quote with the crypto-themed anglicism “to the moon” and a rocket emoji, plus a hashtag of PayPal.

The tweet was also accompanied by a profile picture of the politician with the laser eyes trend, a well-known meme that Bitcoin enthusiasts are using in favor of calling for prices to reach the $100,000 threshold. Although there are no major details on the project hinted at by Rejala, it coincided with the timing of the announcement made by Nayib Bukele, El Salvador President, during the Bitcoin Conference 2021 in Miami over the weekend.

Bukele said that he plans to send Congress a bill this week to adopt the world’s most valuable cryptocurrency as legal tender.

Current Status of Cryptos in Paraguay

“Bitcoin has a market cap of $680 billion. If 1% of it is invested in El Salvador, that would increase our GDP by 25%. On the other side, Bitcoin will have 10 million potential new users and the fastest growing way to transfer 6 billion dollars a year in remittances. Besides, a big chunk of those 6 billion dollars is lost to intermediaries. By using BTC, the amount received by more than a million low-income families will increase by the equivalent of billions of dollars every year. This will improve lives and the future of millions,” he commented on a Twitter thread.

Currently, there are now laws that prohibit Paraguayans from buying or selling cryptocurrencies. However, Paraguay’s Secretariat for the Prevention of Money or Property Laundering (SEPRELAD) issued an order that obliges domestic exchanges to report suspicious transactions.

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