A state-owned bitcoin project in collaboration with online payment service Paypal is being prepared in Paraguay. More detailed information about the project is still unknown. However, as is often the case in the crypto industry, one tweet was enough to puzzle fans and investors with the news. To date, there have been no reports from PayPal regarding participation in the bitcoin project.
Since the online payment service PayPal is involved in the project, it is unlikely that Paraguay will legalize bitcoin as a means of payment. Perhaps the goal of the project is to adapt the cryptocurrency for the broad masses of Paraguay.
As more and more companies accept cryptocurrencies over time, the final breakthrough of cryptocurrencies can be achieved through the recognition of the first small states. However, many countries oppose the legalization of bitcoin as an official means of payment and therefore are working on their own digital currencies.