The American University of Paraguay shared on Twitter that it will accept tuition payments in bitcoin, as well as other cryptocurrencies, beginning on August 1, 2021.
"From August 1, you will be able to pay all your tuition and fees with cryptocurrency," a translated version of the tweet read. "We take an important step towards innovation."
The university is one of Paraguay's most prestigious educational centers and has been in operation for over 30 years. But it is still unclear how the university plans to accept or hold the BTC it receives as tuition payment on a technical level, but it has not indicated any plans to liquidate the bitcoin upon receipt.
Bitcoin Adoption, Legislation In Paraguay
The new move, which is part of the university's program of innovation and modernization, adds a new facet to a bitcoin legislation bill to be outlined in the country in July.
According to Paraguayan deputy Carlos Rejala, the country plans to legislate bitcoin as a medium of exchange in its commercial sector next month. Rejala also said that whether the bill it plans to present will seek to make bitcoin a full legal tender in the country or not is still uncertain and yet to be defined.
Paraguay's most prominent entertainment group, Grupo Cinco, has also demonstrated interest in accepting bitcoin and other cryptocurrencies. The company will allow its 50,000 monthly customers to pay with bitcoin at its 24 outlets, including restaurants, nightclubs and pubs. In addition, as more companies and organizations begin accepting bitcoin, the more likely it becomes that the bitcoin bill will pass in the country’s congress.
"We are talking about leading Paraguayan entrepreneurs who have a lot of influence over the youth," Rejala said. "This is extremely important because it will be much easier for my fellow deputies to support the bill if there is social support at a local level."
Paraguay is following El Salvador's steps and seems on its own path to officially become a bitcoin supportive country in less than a month. If the proposed bill passes, it will set the stage for Paraguay to welcome bitcoin businesses, entrepreneurs and even miners.