Cryptocurrency : Paraguay is a better country for bitcoin users than El Salvador, according to this businesswoman

Key facts:

Paraguay does not meet the Common Reporting Standard.

According to Alena Vranova, the South American country is more convenient for cryptocurrency users.

Alena Vranova, founder of SatohiLabs, the company that created the Trezor wallet, made comments on Twitter in which she compares the advantages that Paraguay offers for bitcoin users, in relation to those offered by El Salvador.

In his tweet on June 9, 2021, Vranova said: “Contact me if you are interested in Paraguay.” Then presented a table, taken from the website, in which he makes a comparison between what El Salvador offers and what Paraguay offers to bitcoiners and cryptocurrency users.

Alena Vranova assures that Paraguay, unlike El Salvador, is a safe place to live and offers more benefits for bitcoiners. Source: Twitter.

In his message, Vranova pointed out that Paraguay is a safe place to live, offers a high quality of life, there are no taxes on foreign income and there are no taxes for cryptocurrencies. Unlike El Salvador, in the South American nation altcoins are also tax exempt.

In this regard, it should be noted that in Paraguay there is still no legislation approved by Congress that regulates the use of cryptocurrencies.

Vranova message sparks debate on best countries for bitcoiners

One of the members of the bitcoin ecosystem, Pablo Wasserman, host of the YouTube channel, RipioTV, responded to Vranova’s tweet with the following comment: «The real reason why most bitcoiners around the world should search Paraguay is which is one of the few countries in the world that does not comply with the Common Reporting Standard (CRS) ».

The CRS is an international standard that requires jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis.

Wasserman adds that, in Paraguay, permanent residence can be achieved for around USD 5,000, “deposited in a bank account in its local currency.” It is a figure well below that required by El Salvador of 3 bitcoins (more than USD 100,000).

Dante Galeazzi, representative of Athena Bitcoin in Argentina intervenes in the debate and asks: «Hello, I understand that banks in Paraguay are not compatible with cryptocurrencies and will not open accounts to companies related to cryptocurrencies. Is this true? Or has it changed?

While tweeter Nick Clemente noted the following: “I live in Paraguay. In terms of quality of life, etc., it is a land of contrasts: the rich live in luxury (walled mansions with private security and servants) while the poor basically live in garbage dumps. The middle class is very small. Bitcoin could fix this.

Clemente’s comment comes up in the framework of a debate by congressmen from Paraguay, who assured that they will propose bills so that bitcoin is part of their financial and economic system, following the steps that El Salvador has taken in this regard, as reported by CriptoNoticias on June 8, 2021.

In this sense, Paraguayan deputy Carlos Rejala defended a potential adoption of bitcoin and cryptocurrencies. The legislator assured that Paraguay could benefit from the ecosystem of digital assets and its market of USD 2 trillion, which would serve to improve the sending of remittances and the arrival of new investments, for example.

Paraguay has been preparing for two years to regulate cryptocurrencies

Paraguay has been preparing since 2019 to launch a regulation for the use of cryptocurrencies in that nation, as pointed out by this media. For this reason, it has been warning companies that they must adhere to a law against money laundering.

That same year, the National Electricity Administration (ANDE) offered a surplus of hydroelectric power for sale to several companies, which included companies interested in engaging in cryptocurrency mining in Paraguay.

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