Please enter CoinGecko Free Api Key to get this plugin works.

These Countries Are Possibly the Next to Accept Bitcoin as Legal Tender

In the past, one of the most common criticisms of cryptocurrencies has been that it will never be widely adopted, limiting its utility. When El Salvador became the first country in the world to accept Bitcoin as legal cash on September 7, 2021, this may have changed forever.

This country’s acceptance of Bitcoin isn’t enough to make it a true currency, but it could be the first domino in the chain to fall. Another country is currently researching the historic move made by El Salvador. If they find it viable, then Bitcoin may be on its road to becoming widely accepted. The following four countries should be on the lookout, since they appear to be the most likely to follow El Salvador’s lead.

Panama

Panama shares a border with El Salvador, so it’s not unexpected that the country is considering legalising Bitcoin. While numerous countries are known to be contemplating legalising Bitcoin, Panama actually drafted legislation the day after El Salvador made it official.

In the contest to become the second country to accept Bitcoin as legal cash, although no legislation has yet been established, Panama is the country furthest advanced.

Cuba

However, Cuba has made progress in adopting cryptocurrencies as a form of legal tender. Cryptocurrencies are now officially recognised and regulated by the country, which means its residents can use them. All 400-plus Western Union offices in Cuba have been shut down by the United States as a result of tightened controls on money transfers between Cuba and the United States.

Cubans can now send and receive money using Bitcoin, and they can even get paid in it for their labour.

Ukraine

However, Ukraine is taking moves toward legalising cryptocurrencies as a kind of currency. Cryptocurrency was legalised and regulated by the country’s parliament in September 2021, virtually unanimously. It is also making more specific statements about its future status in the cryptosphere.

Just two years ago, Russia established a Ministry of Digital Transformation, and its deputy minister Alexander Bornyakov says, “The big idea is to become one of the top jurisdictions in the world for crypto firms. Because of our faith in this new economy, we expect this to be a major driver of growth in our country. A “dual currency state” with both Bitcoin and the country’s fiat currency, the hryvnia, coexisting as legal tender as early as 2023 is another possibility.

Paraguay

A member of Paraguay’s Chamber of Deputies introduced a bill to legalise and regulate cryptocurrency in the South American nation shortly after El Salvador announced its bill to make Bitcoin legal tender. Carlitos Rejala, the same politician running for president in 2023, wants to make Bitcoin the official currency of the country.

Rejala’s suggestions may or may not come to fruition, but if they do, Paraguay might be on the fast track to Bitcoin acceptance.

Exactly what is the position of the United States?

According to a YouGov survey, 27% of US citizens want their government to adopt Bitcoin as legal cash, although that’s highly unlikely to happen.. To begin with, the United States government believes that the unregulated cryptocurrency market would do more harm than good in the long run. As an unregulated market, the U.S. government has no authority over how it’s used or how it may be taxed. Obviously, this has something to do with it.

However, it’s possible that the Federal Reserve Board is considering creating its own digital currency. U.S.-issued cryptocurrency would be backed by the Federal Reserve, making its price more stable and its existence more likely. Even if the plan is approved by Congress, it will be many years before it becomes a reality.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

Leave a Comment

Your email address will not be published. Required fields are marked *

Facebook
Twitter
Telegram

Recent Posts

Follow Us