As of August 1, the Universidad Americana in Paraguay will be accepting payment in cryptocurrencies. It's a first worldwide, as well as at national level, in a country where interest in cryptocurrencies is growing every day, and may well continue to spread though society.
Starting August 1, the 17,000 students at Universidad Americana in Paraguay will have the option to pay for their studies in cryptocurrencies. The four assets available for now look set to be Bitcoin, Ethereum, XRP and Dash. The institution's general director, Camilo Jimenez Agüero, said that the university already has a wallet ready to receive payments, but does not want to activate this until the payment system has been fully integrated into the university site.
It is not yet known what conditions of acceptance will govern cryptocurrency payments, or which payment system or exchange platform will be used. In addition, the university has clarified that cryptocurrencies will not be converted instantly into other currencies, so the institution could build up a substantial reserve.
Paraguay, a crypto-friendly nation
But Universidad Americana isn't stopping there, since students will also be able to take a course program focusing on blockchain technology and cryptocurrencies. This could serve students well in the future, as Paraguay seems to be gearing up to pass laws in favor of cryptocurrencies. Congressman Carlos Rejala is indeed working on draft bills to potentially implement Bitcoin as a means of payment throughout the country, working with PayPal to make it all possible. The three drafts of the law he is working on will be presented July 14. While the lawmaker clearly does not have a majority (his party has just four seats in Congress out of a total 125), he regularly appears confident on Twitter. In fact, Carlos Rejala seems convinced that a good portion of legislators from other parties are interested, and would seriously consider approving his proposals. Like El Salvador, Paraguay is aiming to become a crypto-friendly country.