Paraguay, a South American nation, set to become the second country to make bitcoin a legal tender after the proposal to pass the bill was made known.
Carlitos Rejala, a member of the Parliament, is the one who proposed to pass the bill.
In his words, he said that the bill will help position the country to trail the path of growth for the next generation.
Bitcoin as a legal tender journey
For over twelve years of being in existence, the mass adoption of bitcoin as a legal tender has been an impossible proposal.
Regarding bitcoin as a safe investment or medium of exchange is a problem in many countries of the world.
Most third world countries are not even ready to make a move at all but recently there has been lots of developments and adoption.
Cryptocurrency in its original form is decentralized meaning it is not controlled by a central authority.
This is one of the perceived reasons why the governments of several countries did not approve cryptocurrency trading.
Beginning of mass adoption.
The most awaited adoption did not start in developed countries as expected.
In fact, many crypto projects have suffered setbacks due to government policies and regulations.
As against all odds, the recent Central Bank Digital Currency was first adopted by Senegal, an African country.
Many nations, including Nigeria, are now planning to have their own CBDC.
Genesis of bitcoin as a legal tender
The beginning of bitcoin as a legal tender did not begin with a world power country.
Paraguay is now set to become the second country to make bitcoin a legal tender.
Implications of these new developments in cryptocurrency.
The only widely known implication is a significant increase in the price of cryptocurrency.
The increase is as a result of increased demand compared to supply.
Bitcoin, for instance, has a maximum supply of 21million of which over 19million has been mined.
The last bitcoin will be mined by 2140.
Cryptocurrency is here to stay but are you ready to join the path of growth for the next generation?
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