Many cryptocurrencies surged in the wake of El Salvador officially declaring bitcoin legal tender.
Several other politicians in Latin America have expressed an interest in introducing similar measures.
Some of these world leaders have even added bitcoin laser eyes to their Twitter profiles as a symbol of support for the crypto market.
One such lawmaker is Paraguay Congressman Carlos Rejala, who hopes to pass a bill next month aimed at attracting crypto businesses.
Mr Rejala said: “As I was saying a long time ago, our country needs to advance hand in hand with the new generation.
“The moment has come, our moment.
“This week we start with an important project to innovate Paraguay in front of the world.”