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Wednesday, January 25, 2023

Paraguay and PayPal on a common Bitcoin course

There the signs point to a Bitcoin adaptation and PayPal is apparently also involved.

A crypto storm is brewing in Paraguay. Because the South American country will probably launch a Bitcoin project. More specific details are still pending. So far it is only known that the payment giant PayPal could be one of the parties .

The information about the country’s Bitcoin plans goes back to a tweet by MP Carlos Antonio Rejala Helman. He wrote on June 7th:

As I said a long time ago, our country must develop hand in hand with the new generation. The moment has come, our moment. This week we start an important project to renew Paraguay from the world.

Rejala Helman masters the full crypto meme alphabet. He flanked his tweet with a picture in which he has laser eyes. The slogan “to the moon”, popular among Bitcoin fans, was also included. It was paired with hashtags for PayPal and Bitcoin. So it remains to be seen what exactly Paraguay is up to.

Will Paraguay Follow El Salvador?

The timing of Rejala Helman’s announcement gives an indication of the thrust of the Paraguayan Bitcoin project. After all, it was less than two days ago that El Salvador’s young President Nayb Bukele announced the acceptance of Bitcoin as an official means of payment in his country.

In a state like El Salvador, in which around 70 percent of its citizens do not have a bank account, such a step seems absolutely necessary. Bukele therefore justified the decision, not least with the chance of increased integration into the financial system. In addition, however, political considerations are likely to be behind the adaptation. The increasingly authoritarian president sees himself exposed to threats of sanctions from the United States. There is an alternative to the US dollar, which previously served as the national currency, just as it was called.

According to media reports, the Paraguayan Rejala Helman is known as a big fan of the President of El Salvador. He describes himself as the Bukele of Paraguay. A thank you to the President has also been decorating the MP’s Twitter profile since April. It is at least conceivable that Paraguay will recognize Bitcoin as a means of payment. The country’s financial system has also been heavily dependent on the US dollar so far.

PayPal establishes itself in the Bitcoin game

It should be noted that Paraguay can count on prominent support for its crypto project. Because while El Salvador is making a pact with the relatively unknown Bitcoin payment service Strike, in Paraguay PayPal seems to be involved in a very personal way.

The company continuously expanded its commitment to the crypto world. After Bitcoin and Co. have already been integrated as a means of payment, PayPal customers will soon be able to withdraw Bitcoin from their accounts . In addition, rumors are making the rounds about a possible stablecoin integration into the payment service. It will be interesting to see how Paraguay’s crypto journey will continue. (Also Read: Finally use your WhatsApp account on multiple devices at the same time)

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