Numerous countries want to regulate cryptocurrencies. Paraguay may be ahead of the competition in this department, albeit in a positive manner.

Most Western countries seem to take a negative stance on bitcoin.

The Future of Bitcoin in Paraguay

In Paraguay, that situation is – thankfully – very different.

Its local government is looking to regulate crypto assets in a positive manner.

By conducting a national crypto survey, an important first step toward an open dialog has been taken.

It is crucial for Paraguay officials to understand how the general populace feels about bitcoin and similar currencies.

To this date, it has never been proven that cryptocurrency makes any sort of impact in this country.

Once an overview of the domestic crypto asset industry has been pieced together, regulatory action can be taken.

For now, agencies across Paraguay want to determine the rate of crypto adoption in the country, as well as how complex this market really is. 

The news regarding this measure comes at an unexpected time.

Until now, it was widely believed that the central bank of Paraguay would try to prevent all crypto asset activity in the country.  

That may not necessarily be the case, after all.

When the official regulatory changes could go into effect, has not been communicated at this time.