South American country, Paraguay has become the second nation after El Salvador to propose a bill to make Bitcoin legal tender. The bill in support of the cryptocurrency was proposed on 24 June 2021, and if passed, will make Paraguay the second country to declare Bitcoin as the official currency.

The South American countries have been more open to adopting Bitcoin because they believe that it may give them an advantage over other nations and help them emerge as next financial powers. In particular, Paraguay believes in its potential to become a crypto hub as the country has a lot of cheap renewable energy.

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