Cryptocurrencies are coming back and more nations dabble into the the crypto ecosystem.
Coming from the all-time-high that cryptos experienced back in the middle of 2021, going through a full-on bull market, and having a myriad of brand new users getting into the world of cryptocurrencies, it seemed that the gold rush was over by the start of 2022, with not only BTC but most altcoins losing huge percentages in value.
There are always ups and downs when it comes to investing in crypto, but to the majority of newly joining investors, to which markets seemed green day and night, this has been a very teaching experience.
Now, halfway through the year, we are starting to see a comeback in the price of cryptocurrencies, some altcoins surging while BTC stabilized itself more or less, rather than continuing to plunge.
A lot of users who left the markets defeated and wary of potentially further losses are now eyeing the possibility of jumping back in. Even government officials see the opportunities of incorporating Crypto into their legally allowed payment methods, following up on El Salvador as one of the first nations to do so.
Paraguay seems to be one of those nations looking to incorporate blockchain tech into their economic activities.
Mario Abdo Benítez, President of Paraguay, recently vetoed a new bill to recognize crypto mining as an official industrial activity for the South American country.
One of the reasonings for this decision was the fact that crypto mining seems to have a large scene in the nation and the low cost of energy within Paraguay together with the aforementioned, might present a hindrance to the expansion of Paraguay’s own sustainable national industries.
The proposal was approved on July 14th and set a 15% tax on the economic activities related the cryptocurrencies and it looks to potentially incentivize the industry itself legally.
Cryptocurrencies are now much more known than a couple of years ago, 2021 was certainly a gold rush when it came to new people jumping in on the hype of the potential gains from investing in crypto, but even considering this, cryptocurrencies are still not fully being embraced by the mainstream, and some even see them as a very risky and prone to scams, especially after the recent news from hacker groups taking over popular crypto projects and bleeding out funds with almost no repercussions.
The bear market we are currently experiencing has also been telling of which projects contain the resilience to stay afloat regardless of market conditions, as we have seen not only projects but currencies themselves plunging into irrecuperable lows.
MintMe itself has been one of the projects that not only stayed afloat but experienced all-time highs in the last couple of months, having the hype of the upcoming big update and the ongoing listing of the coin in diverse exchanges being some of the factors contributing to this.
Coming back to the subject of Paraguay legally supporting cryptocurrencies and recognizing them as a valid industry within the country, we can see such news as an overall positive for the blockchain ecosystem, as crypto is rarely considered by legal entities anything other than a method to partake in illicit activities, so their legalization, in whichever way, would be a thumbs-up towards the future of blockchain tech.
Nevertheless, there is still a third of the year left and coins could fluctuate drastically in the coming months, with “The Merge” of Ethereum looming in the very near future, what we consider standard when it comes to ETH, tokens relying on the ETH network, and even Bitcoin itself, could be shaken up at the end of the day.