Paraguay University to Accept Bitcoin, Ether, XRP in August
Welcome to another defiboost Market Recap. Watch the video here.
Today we’re discussing a pioneering University in Paraguay that has announced it is accepting cryptocurrency. Just a decade ago we saw the trend going from solely people who were advocating open-source decentralized protocols to entities like institutions getting in, banks, and even countries getting into the space.
Now we’re seeing also universities, which is absolutely incredible. If you weren’t familiar with the country yet, Paraguay is located in South America, Southeast of Bolivia and East of Chile. It’s a beautiful country containing some spectacular views.
So we’re going to be talking about all that and more today, along with the actual use case for this. First we must ask ourselves though, who is enrolling at the university? Typically it’s not the older generation, it’s the younger generation and part of bringing interest to this generation is ‘gamifying’ financial assets.
‘Gamifying’ things like Fintech applications in the DeFi space, is something that is well underway with new projects like DeFi City that we’ll cover more in-depth later. It is an incredible project that is working on essentially ‘gamifying’ a lot of these things like earning passive income and really making it more interesting as far as yield farming, staking, and all of these different ways where you can basically build wealth over time with crypto assets.
Now if you’re reading this in 2025, vs. reading this in 2021 you’re behind the trend! So follow to make sure you’re staying above the trend and witnessing these events happening in real time.
You have to understand the macroeconomy and how early we are in the DeFi space. Even when you zoom out, DeFi is built in the crypto space. But DeFi in general is really doing all these innovations, so that’s why it’s beautiful because all these institutions will really be forced to adopt these things. As mentioned earlier originally it was just people that were advocating DeFi and open-source protocols, now it’s entities like institutions, businesses, banks, countries, and now universities.
When some people think of universities, they might see them as ‘sacred cows’, but in reality they are actually just businesses and at the end of the day they’re all on the free market. Anyone today can go to any university they want. You can get an education online, you can get an education in the Netherlands, in Canada, in Nigeria. Wherever you want in the world you can get educated.
It’s a promising opportunity in today’s world, that you can be wherever you want. Theoretically you could be in a new country every single month looking at real estate opportunities. While merging blockchain and the DeFi world with things like commodities, businesses, real estate, or whatever is abundant in that local market.
Again, it’s awesome to see the education system getting involved in this.
The University in Paraguay has announced that is accepting Bitcoin, Ethereum, XRP, and Dash in August 2021. So essentially when you go to pay for your university there is a payment portal, where people would normally send a check or a wire, which are all methods using the worldwide SWIFT banking system.
The issues with the current banking system have shown to be well behind the curve. It’s quite a contrast to the next generation of finance contained in DeFi City, which is removing these archaic aspects and instead gamifying it making it’s usage more interesting for the younger generation.
Most of them are already in college, or universities, seeking an education and how they can actually provide a skill to the market. So it’s really interesting to see how these South American countries are acting ahead of the curve.
“Paraguay’s Universidad Americana will begin accepting cryptocurrencies as payment starting in August, general director Camilo Jimenez Aguero told Coindesk.”
“According to Jimenez Aguero, the university’s crypto wallet is ready to receive payments, but won’t activate the wallet until the fall term begins, when it plans to include a payment button on its website.”
They’re not just selling this and then going back to accepting fiat payments. It sounds like they’re taking a long term perspective. Now we’re seeing a lot of companies as well getting in like Micro Strategy, and Tesla (albeit with a bit of controversy) as a long term hedge against fiat currencies. Accepting payments for goods or services in cryptocurrency is still able to denominate the actual value of these things, in the fiat currency.
The beautiful thing though in South America, is they’re more interested in moving away from the fiat system. They’re asking themselves what is incorruptible because there is a lot of corruption in South America. For example, problems in the legal framework where people can be sued for things as benign as raising an employee’s wage without informing the governing legal institution.
So while there’s a big difference with emerging markets with countries like Australia, Canada, UK, France, or other developed markets there’s still a big opportunity for DeFi to integrate with these.
The beautiful thing about a project like DeFi City, is that it’s accessible to anyone no matter where you are in the world, no matter what age you are, or what religion you are. It’s a completely open source system, which is a great thing about DeFi in general.
“Unlike many businesses that say they will accept crypto, the university will not immediately convert its crypto into fiat. Rather, it will decide after receiving the payments, the director said.”
Long term potentially how this plays out, is that this could be the first domino in the higher education industry similar to how El Salvador became the first country to legalize a cryptocurrency. If we zoom out and look at what’s going to happen in 10 years, 15 years, 20 years these pioneers will either see the successes or lessons learned from accepting cryptocurrency assets. That’s why it’s very interesting to see universities getting into the space.
Let’s move on now to DeFi City, which will tie this all together. At the outset, it gives off a vibe of Miami vice, or similar type games and it resembles what DeFi City is doing. A lot of people are so focused on the financial upside, that they forget this user interface side. They forget about using an NFT marker, where you can actually build a city like DeFi City and get into these projects early. You’re gamifying this aspect, which makes it really interesting.
DeFi City describes themselves on their website as, “a browser-based virtual world that gamifies and simplifies DeFi yield farming by allowing everyone to visualize and manage their farms and track key performance yield farming indicators from a single, visually appealing in-game dashboard.”
Let’s say you’re using Binance Smart Chain (BSC), and you’re using PancakeSwap within the BSC ecosystem, or even Polygon where you can use different applications like Aave. Due to their familiarity, can sometimes get bored, so it’s important to keep people’s interest since some people are very ADHD in this market. This is why gamifying is effective in eliminating Shiny Object Syndrome. Many people in college or in their early 20’s play video games, so DeFi City is very appealing to them. They’re taking that aspect and merging it, with yield protocols, farming, staking, and all these different ways to earn passive income.
You can get started on DeFi City with 4 Simple Steps:
Step 1: Obtain a city- which is an NFT bought with DeFi City Tokens (DFC).
Step 2: Farm- put your liquidity to work!
Step 3: Track- which lets you look at helpful KPI’s like ROI. Instead of having them all over Facebook though, Instagram, or Youtube ads, you have them all here in one decentralized hub. So now you’re not reliant on these centralized companies to give you the KPI’s.
Step 4: Earn- passive income. It’s that easy.
That’s all today for defiboost’s Market Recap.
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