Paraguay, Bitcoin becomes the currency of entertainment
Paraguay, Bitcoin becomes the currency of entertainment
Bitcoin

Paraguay, Bitcoin becomes the currency of entertainment

By Eleonora Spagnolo - 18 Jun 2021

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Grupo Cinco, one of Paraguay‘s most prominent entertainment holding companies, has announced that it will accept cryptocurrency payments, primarily with Bitcoin.

Specifically, these payment methods include:

  • Bitcoin,
  • Ethereum,
  • Chiliz,
  • Shiba Inu.

Grupo Cinco describes itself on its official website as:

“The leading holding company in nightlife and entertainment in Paraguay. In addition to 8 establishments, the group organises large-scale events through its production company G5pro”.

Starting in July, Grupo Cinco’s brands will begin accepting cryptocurrencies. This propels crypto into a mainstream space in Paraguay.

Indeed, Grupo Cinco operates pubs, restaurants, entertainment shops, with as many as 24 different brands that are well-known in the country. Its choice will ensure that the four cryptocurrencies can also be known by the general public.

However, the announcement did not particularly enliven the market, quite the contrary. Bitcoin, Ethereum, Chiliz and Shiba Inu are now all posting losses of around 4-5%.

Paraguay and Bitcoin

It seems that Paraguay is also serious about digital innovation and the transition to Bitcoin.

Grupo Cinco’s move could come at a time when the South American country is also considering proposals to make Bitcoin legal tender.

Congressman Carlitos Rejala announced this on Twitter 10 days ago:

Currently, as he himself shows on Twitter, it seems that he is also working on a project to mine Bitcoin with clean energy.

Paraguay, therefore, seems to want to follow in the footsteps of El Salvador, where Bitcoin was declared legal tender last week. The main difference, however, is that Paraguay has its own currency, while in El Salvador the commonly used currency is the US dollar.

One thing is for sure, Paraguay too will eventually have to prepare to do everything on its own, as the World Bank does not seem inclined to grant its assistance to those countries that are turning to Bitcoin.

However, the turn towards Bitcoin seems to be a well-trodden path. El Salvador appears to have broken through, other states may soon follow, including Paraguay and Nigeria.

 

Eleonora Spagnolo

Journalist passionate about the web and the digital world. She graduated with honours in Multimedia Publishing at the University La Sapienza in Rome and completed a master's degree in Web and Social Media Marketing.

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