Paraguay announces Bitcoin as legal tender

On June 10th, according to Bloomberg, the President of Paraguay announced that the country has designated Bitcoin as a legal tender. The Republic of Paraguay, commonly known as Paraguay, is a sovereign country located in South America and a landlocked country situated on both sides of the Paraguay River. Its southern border is completely adjacent to Argentina, while Brazil and Bolivia are located in the northeast and northwest corners, respectively. It is a member of the Union of South American Nations and the Southern Common Market.