Panama, Brazil, Argentina and Paraguay positive about Bitcoin

Panama, Argetine, Brazil, paraguay look into bitcoin

In early June, El Salvador passed a law stating that Bitcoin, can be used as legal tender. At the same time, many other Latin American countries have turned their eyes towards the king of cryptocurrencies in the wake of this very exotic country. So, we will explain what this is caused by and who exactly would like to see Bitcoin in the same role, in more countries.

The economic crisis of South American countries

It is a well-known fact today that South America is not the most economically developed region in the world. Among the many countries where life is quite hard, for many years we have seen Venezuela, whose currency is regularly and drastically losing value. Although other countries in the region are not facing such devastating problems, their economies also leave much to be desired. Argentina has declared bankruptcy several times in the last century, and is once again facing this kind of threat today. Brazil, which until recently was one of the fastest growing economies, is also experiencing a significant crisis. Citizens of these countries have recognized the problem, and as a result have been looking for a solution for years to protect themselves from the worst case scenario. Interestingly, Statista conducted a survey on global cryptocurrency users back in 2019. There were as many as 5 countries from the Americas region in the top 10. And these were Brazil, Argentina, Mexico, Chile, and Colombia. It is also interesting to note that this list was closed by countries such as the United States, France, and Australia. Are Bitcoin investors from poorer countries seeing something that citizens of richer countries have not?

South American politicians favouring Bitcoin

Shortly after the announcement of Salvadoran President Nayiba Bukele, voices from other countries in the region began to circulate around the world. One of the most clearly heard became Congressman and Deputy President of Paraguay Carlitos Rejala. He called on Paraguay on Twitter to go after the new generation. In doing so, he suggested that Paraguay start working on an innovative project. By changing his profile picture, putting laser eyes on it (a symbol of following technology and a declaration of support for Bitcoin) and tagging Bitcoin, Rejala made it clear in which direction he wanted to go.

We didn’t have to wait long for another significant statement. This time it came from Panamanian Congressman Gabriel Silva. He commented on the Salvadoran president’s decision as very important to point out that Panama cannot be left behind. His country, wanting to be a center of technology and entrepreneurship, must support cryptocurrencies. Finally, he added that he will co-write the proposal that will be presented to the Panamanian assembly.

Similar moves have come from politicians in Brazil and Argentina. Although they seem somewhat less decisive, they are worth noting. Fabio Ostermann, an MP for the Rio Grande do Sul region of Brazil, tweeted a photo with laser eyes, as did Carlitos Rejala of Panama. Gilson Marques, who is a federal deputy of Brazil, did the same. In Argentina, on the other hand, the deputy of the city of Neuquen, Argentina, came to the fore and, in line with his predecessors, also changed his profile picture, adding the words “I can’t believe it, but that’s the way it is.”

There are many indications that El Salvador’s actions are having a significant impact on countries in the region. We will be keeping a close eye on these politicians and their influence on decisions in the countries where they hold office.

It is worth noting that similar declarations are coming from other regions of the world, such as Mexico and Tanzania. Are we on the threshold of a financial revolution? Soon everything will turn out. Without a doubt it can be said that Bitcoin adoption is entering a much higher level.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

Share this article

More news

Bitcoin

Bitcoin soars, an aftermath of new ETF news

The price of Bitcoin has soared to new heights, reaching $35,000. This phenomenon was accompanied by the dynamic development of the Bitcoin ETF space. The iShares spot…
All articles loaded
No more articles to load

Learn

block halving

What is block halving?

In this article, we will introduce you to the concept of block halving. To do this, you first need to…
51% attack

What is a 51% attack?

In this article, we will explain what a 51% attack is in the context of cryptocurrency. A distributed network =…
smart contracts

What are smart contracts?

Smart contracts are a type of electronic contract used not only in blockchain technology, but also in everyday life, for…
what are cryptocurrency nodes

What are cryptocurrency nodes?

Most cryptocurrencies operate on the principle of distributed transaction systems, running on a P2P, or peer-to-peer, network. In practice, this…
block explorer

What are block explorers?

In this article, we discuss a free online search engine that allows you to browse the contents of a blockchain…
All articles loaded
No more articles to load

Analyses

All articles loaded
No more articles to load

Latest news

Expert predicts Ripple IPO date

Wall Street financial expert Linda Jones has shared details of Ripple’s anticipated IPO date. Her analysis indicated potential dates, but the current market context and…

Poloniex ready to fully resume its operations

Poloniex, one of the leading cryptocurrency exchanges, has declared its imminent resumption of operations after a recent hacking incident that resulted in gigantic outflows of…
All articles loaded
No more articles to load