June 28

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Paraguay’s Bitcoin Adoption

Cryptospace

Paraguay’s top university, Universidad Americana, announced this week that they will be accepting cryptocurrency as a form of payment.

Universidad Americana is home to 17,000 students and many of them are studying virtually due to the pandemic. Exposing a new generation of 17,000 driven individuals is always a big bonus to the crypto community but in addition, it should also start the domino effect or other major schools to follow suit.

Paraguay is one of the South American nations hinting at a cryptocurrency bill in the works. A cryptocurrency bill in Paraguay could be big news for the community as it would be the second country to accept cryptocurrency as legal tender, after El Salvador.

Paraguayan congressman, Carlos Rejala, had added laser eyes to his Twitter picture along with a statement saying they are working on a Paypal and Bitcoin collaboration. 

A major flaw that is seen in cryptocurrency is that the exchanges are sometimes confusing and hard to use. Luckily for the people in El Salvador, they will be implementing a Paypal-like system called Strike. Paraguay collaborating with Paypal, one of the biggest electronic payment systems, could help clarify the confusion surrounding exchanges and allow the average person to take part in the buying and selling of Bitcoin.

Paraguay has the cheapest energy in the region which could also be a major bonus when it comes to mining cryptocurrency after the latest China mining ban.

Universidad Americana plans to accept Bitcoin, Ethereum, Ripple, and Dash as forms of payment. According to the general director of the university, they already have the means to accept cryptocurrency at the moment but will not launch the payment option until the fall term.

Congressman Carlos Rejala has made tweets suggesting that cryptocurrency will officially be legislated in the South American country this coming July. Although there is no official date or plan that is published, many people believe that Paraguay will be a crypto-friendly country by the end of the summer.

Source: EDUopinions.com

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