Lawmaker in Paraguay says he will introduce bitcoin regulation law next week

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A bitcoin-friendly lawmaker in Paraguay is set to introduce legislation focused on regulation next week. 

Carlos Rejala, whose pro-bitcoin tweets have drawn attention in recent weeks, said he was working with Senator Fernando Silva Facetti to introduce the measure on July 14, or next Wednesday.

Rejala's past pronouncements had initially sparked speculation that he would push for Paraguay to follow in the footsteps of El Salvador — that is, to create a law declaring bitcoin as a form of legal tender. However, he later clarified those remarks, telling Reuters that his bill was centered around regulation. 

"We want the regulators and banks to also participate so that Paraguayans or foreigners can operate with these assets legally, because we know that illegal transactions exist here and in other countries," he told the outlet late last month. "We want to be a crypto-friendly country."

On the question of taking a similar approach to El Salvador, Rejala was quoted as saying: "It is a bill of digital assets and it differs from that of El Salvador because they are taking it as legal currency and in Paraguay it will be impossible to do something like that."

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