Bitcoin adoption in Paraguay is moving forward. A university has announced it will accept tuition fees in the form of Bitcoins in the future.
Paraguay wants to accept Bitcoin as legal tender just like El Salvador. A corresponding bill is to be submitted for this purpose on July 14th, as Congressman Carlos Rejala announced a few days ago.
Now there is good news from one of the most important universities in the South American country. The Universidad Americana in the capital Asunción has announced that it will accept Bitcoin as a payment method for tuition fees in the future. However, this does not make the Universidad Americana the first university in the world to do so.
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Eight universities worldwide accept Bitcoin
The University in Paraguay is now the eighth university worldwide to accept Bitcoin as a means of payment. The following universities have been accepting BTC for tuition or semester fees for quite some time:
Massachusetts Institute of Technology (USA)
Pompeu Fabra University (Spain)
Simon Fraser University (Canada)
University of Cumbria (Great Britain)
University of Nicosia (Cyprus)
ESMT Berlin (Germany)
Lucerne University of Applied Sciences and Arts (Switzerland)
Bitcoin adoption in Latin America is advancing
Overall, Bitcoin adoption in Latin America is progressing extremely fast. After El Salvador made Bitcoin an official currency, the next country to follow suit is Paraguay. Panama, Mexico, and Argentina could also follow suit in the near future with new laws on the use of cryptocurrencies.
The Bitcoin price itself was able to recover quickly in the last two days after a price crash to $28,000 and is currently quoted at around $34,000. The market capitalization of all cryptocurrencies, on the other hand, is relatively low at $1.33 trillion.
Even the good news regarding Bitcoin adoption in various countries has had little impact on the Bitcoin price so far. Especially due to the influence of GBTC, the Bitcoin price could fall further.
Institutions such as the World Bank and the International Monetary Fund (IMF), in addition to the events in China, are also negatively affecting the Bitcoin price. For example, the World Bank refused to help El Salvador build the infrastructure for Bitcoin as a legal tender. The IMF also wants to analyze the situation in detail.
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