This morning, a news about Paraguay announcing Bitcoin as a legal currency spread rapidly in the industry!

According to the European news station Euronews, recently Paraguayan MP Carlitos Rejala officially submitted a bill to make Bitcoin a legal currency. The bill also includes support for green energy mining, making Paraguay an investment center for global crypto investors, and will be considered at the country's National Assembly on July 14.

Unlike in El Salvador, where the bill is proposed by the president, it is highly uncertain whether the proposal will pass because Carlitos Rejala's party holds only two of the 80 seats. Therefore, the news that Paraguay announced that Bitcoin will be designated as a legal currency is not true and needs to be confirmed in the future.

On the other hand, El Salvador, the first country to make Bitcoin a legal currency, has real good news.

El Salvador's Congress approved the president's proposal on bitcoin on Wednesday local time, making the country the first country in the world to use bitcoin as a legal tender. Bitcoin will become legal tender in the country starting Sept. 7, with a market-determined exchange rate against the U.S. dollar. The use of Bitcoin will be optional, and salaries and pensions will continue to be deposited in U.S. dollars.

At the same time, President Nayib Bukele of El Salvador delivered an important speech on Bitcoin to the world today on Twitter. He said that the government of El Salvador will provide each citizen with $30 in Bitcoin, and emphasized that the first wallet application can be used on anyone with a mobile phone. Connected places, citizens don't need a cell phone plan for the app to work on the network, and merchants can choose not to hold bitcoin.

In order to support the construction of infrastructure, the American bitcoin ATM manufacturer "Athena Bitcoin" plans to invest more than 1 million US dollars to install about 1,500 bitcoin ATMs in El Salvador, so that the public can use ATMs to buy bitcoins, or to use bitcoins in their hands. Convert to cash.

El Salvador’s large-scale social experiment to legalize Bitcoin is about to start. The fresh approach that attracts global attention has brought widespread interest to many celebrities in the political and technological circles in other countries. It is similar to the act of Paraguayan Congressman Carlitos Rejala submitting Bitcoin as a legal currency. Or it won't stop here.

Whether this will become a trend and then snowball into the future, or just a flash in the pan, we can only know by looking back.

Emerging countries have a positive attitude towards digital currency because the popularization of domestic financial services is relatively lagging behind, and they hope to reduce costs through digitization. Many users without bank accounts can easily enjoy safer and more efficient financial services as long as they have a smartphone. Digital evolution conforms to the historical process.

Digital financial services have only played a very limited role in improving people's livelihood, and the transformation and optimization of the real economy is the top priority. Yihuo.com is committed to helping the country solve the "real economy" problem with digital financial services.

In markets, bitcoin traded higher after holding support around $32,000 on Thursday, with bearish sentiment beginning to fade as buyers fueled a rebound from Tuesday's choppy lows around $29,000, with bulls appearing to be in command.

Today, venture capital giant Andreessen Horowitz announced the raising of a $2.2 billion cryptocurrency fund, which may help support the market and is "good news" for Bitcoin and the entire cryptocurrency ecosystem, as more large companies choose to add BTC.

Risk Warning: The above content is for reference only and does not constitute investment advice!

Risk Warning: The above content is for reference only and does not constitute investment advice!