South America is Leapfrogging the Other Continents in Making Bitcoin a Legal Tender

South American countries are warming up to cryptocurrencies, and some are making moves to make Bitcoin a legal tender. The continent could be jumping ahead of others in cryptocurrency adoption thanks to the acceptance of its leaders.

El Salvador and Paraguay are making headlines in the Bitcoin world

Cryptocurrencies have gained adoption in virtually every country globally. However, no country has raised Bitcoin’s status to be a legal tender. El Salvador intends to be the first country to make Bitcoin a legal tender.

The country’s president, Nayib Bukele, is set to introduce a bill this week that would make El Salvador the first country globally to make Bitcoin a legal tender. The bill is subject to the parliament’s approval, but there is optimism that it would pass.

El Salvador currently uses the US Dollar as its official currency but is looking to add Bitcoin to the list. The president said Bitcoin would not be replacing the US Dollar, but the country needs a currency that doesn’t face constant inflation challenges.

The Deputy of the Nation of Paraguay revealed yesterday that Paraguay is set to make an important decision regarding Bitcoin and PayPal. A politician in the country, Rejala Helman, changed his profile picture with laser eyes and indicated that Paraguay is making a big Bitcoin announcement later this week. Laser eyes are an indication that the individual is a big supporter of Bitcoin and other cryptocurrencies.

Panama set to follow El Salvador’s footsteps

Another South American country is planning to follow El Salvador’s footsteps regarding Bitcoin. Gabriel Silva, a Panamanian congressman, is set to propose legislation that would see the country adopt Bitcoin and other digital currencies on a national scale.

Silva said it is important that Panama is not left behind in the new economy. He wants Panama to be a tech and entrepreneurship hub and supporting cryptocurrencies would make it possible.

BTC/USD chart. Source: FXEMPIRE

Despite the adoption news coming from South America, Bitcoin’s price has largely underperformed over the past few days. The BTC/USD pair is down by 8% over the past 24 hours, and it is currently trading just above $33,000.

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