Bitcoin is no longer a fringe currency used by “criminals for money laundering”. This myth has long been debunked and is narrative-driven by no-coiners to slow down adoption.So now the question is Country will make Crypto Legal Tender next ? Seven years after Silk Road, Bitcoin is now a global force and a reliable network for remitting funds, cheaply and reliably across the globe.
For what Bitcoin brings to the table, El Salvador and the Central African Republic already made Bitcoin and cryptocurrencies legal tender. Panama also passed a regulation permitting businesses to accept BTC and cryptocurrencies as a means of settling debt.
Since the “crypto ball” is now rolling and economies struggling to cope up with runaway inflation, these sovereign nations are the top candidates to likely make Bitcoin legal tender:
Decades of sanctions decimated Cuba’s economy and its citizens bore the brunt. However, this is beginning to change as the country now recognizes crypto and Bitcoin, even introducing suitable regulations to foster adoption. The decision by the U.S. to tighten its grip on Cuba, preventing financial providers from offering services may see the country approve Bitcoin as legal tender.
Its conflict with Russia and the ongoing war has seen Ukraine receive aid in cryptocurrencies. While Ukraine has not approved Bitcoin as legal tender, it is taking positive moves in that direction. In Q3 2021, its legislature unanimously passed a law that recognizes and regulates cryptocurrencies.
Weeks after El Salvador made BTC legal tender, Carlitos Rejala, a politician, forwarded a proposal to Paraguay’s Chamber of Deputies to regulate and legalize the use of Bitcoin and cryptocurrencies.
Russia is one of the leading economies and is increasingly warm towards cryptocurrencies, especially Bitcoin. As the U.S. and G7 countries impose sanctions, the Duma and Kremlin are looking at crypto and rules around cryptocurrencies have already been formulated. In March 2022, the country considered accepting Bitcoin for Oil and Gas.
In Africa, Zimbabwe is yet to recover from hyperinflation and its economy in shambles, worsened by the COVID-19 and the current high inflation. The country plans to issue Gold coins to tame runaway inflation. However, considering the digital and global benefits of Bitcoin, it is highly likely that Zimbabweans may adopt BTC as legal tender as a way out from the current shambles.
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Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies.