Paraguay is prepared to integrate cryptocurrency, awaiting legislative approval as per Juan Carlos Reyes, head of CNAD in El Salvador. A regulatory agreement was signed to enhance cooperation and combat unlicensed crypto activities. Delays in regulation could lead to an unmanageable informal market.
According to Juan Carlos Reyes, the president of El Salvador’s Comisión Nacional de Activos Digitales (CNAD), Paraguay is poised to embrace cryptocurrency, pending legislative approval. This assertion aligns with a recently signed crypto regulatory agreement between Paraguay and El Salvador to enhance cooperation in the crypto sector, including tackling unlicensed operations and bolstering anti-money laundering efforts.
In conclusion, Paraguay is on the brink of integrating cryptocurrency, contingent on the passage of regulation. The country possesses a solid foundation for the appropriate regulatory framework, yet timely legislative action is essential to avoid the rise of an unregulated crypto market. Collaboration with El Salvador and other nations could provide further insights and best practices for an effective cryptocurrency ecosystem.
Original Source: www.coindesk.com
