Bitcoin Adoption in Paraguay Next Month

The Start of Bitcoin Adoption Domino?

Paraguay Official announce that they want to legislate Bitcoin Adoption next month. Paraguay Congressman, Rejala Helman has previously hinted that there is a project involving Bitcoin and Paypal.

Rejala Helman plans to legislate Bitcoin and attract international Bitcoin mining firms and other cryptocurrencies firm to start businesses in Paraguay.

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Owner of Grupo Cinco

Paraguay Entertainment Group, Grupo Cinco will start accepting cryptocurrencies like Bitcoin, Ethereum, Chiliz and Shiba Inu in any 24/7 venue next month. This includes nightclubs, restaurants and pubs.

Grupo Cinco has more than 50,000 consumers per months and will provide vendors traditional invoices and receipts upon purchasing with cryptocurrencies. However, subsidiary firm G5Pro purchased by Grupo Cinco, an entertainment business will not accept cryptocurrencies for their ticket sales but plans to do it sooner in the future.

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Juanjo Benitez Rickmann, CEO of a local Bitcoin Mining company will help assist Grupo Cinco in setting up a cryptocurrency payment gateway for the company. Bitcoin Lightning Network will be use for transacting and merchants have the option to hold or trade crypto to fiat.

Grupo Cinco says that Bitcoin Adoption will encourage more customers in Paraguay to start using cryptocurrency to transact payment. 80% of the company’s customers are age between 18 to 25 and 60% of the countries population are under 30 years old.

The founder of Grupo Cinco mentioned that Paraguay youth is the country’s main ally and a whole new mindset shift is happening. The step towards Bitcoin Adoption can make Paraguay unprecedented.

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