Countries That Are Likely To Adopt Bitcoin Like El-Salvador – It took only a decade. Satoshi Nakamoto, the mysterious creator of Bitcoin (BTC), introduced it to the world. The last few years have seen many countries explore the potential of digital currencies.
According to an Atlantic Council report, more than 80 countries are currently considering creating virtual currencies. It was a very important topic that they discussed immediately because it was time-consuming and complicated.
El Salvador, however, has a different plan. El Salvador has a slightly different plan. Instead of creating its own digital currency, he decided to launch it. Instead, he chose to attach the national flag to the wall for historians. El Salvador adopted Bitcoin as its legal currency.
Why did El Salvador choose the most popular cryptocurrency trends today to be its legal tender? What was the next step after this big incident? What country could follow El Salvador’s lead? Let’s learn more.
El Salvador Is The First Country to Adopt Bitcoin as its National Currency
El Salvador adopted Bitcoin as its legal tender on September 7, 2021. This allowed BTC to become a currency for the exchange of goods and services within the country. According to Reuters El Salvador President Nayib Bu Bu-Bu Kele (Nayib Buukele), he saw the potential of Bitcoin to allow Salvadorans to send money home easily.
Promising Financial Future
In a tweet, Bukele said that “it [Bitcoin] would bring financial inclusion and investment, innovation, economic development, and to our country.” You can still use Bitcoin, even though it is legal tender in the country. Companies must accept Bitcoin as a method of payment.
El Salvador was the first country to accept Bitcoin as a legal currency. Although there have been many countries that have explored the potential of Bitcoin, it is important for governments to give sovereign backing and guarantees to cryptocurrencies. The government must be ready for the possible impact of Bitcoin’s unpredictable volatility and high price.
It can state with confidence that El Salvador is ready for whatever comes next. In preparation for the adoption, President Bukele announced that 200 Bitcoin-automated teller machines (ATMs), were installed in El Salvador.
Learning Opportunities Difficult To Access
Although the country appears poised to make a smooth transition into digital currency, El Salvador’s first day was anything but smooth. The Chievo government-backed Bitcoin smartphone app. It was suddenly unavailable on different platforms, including Apple and Huawei. It’s difficult to understand how the country’s bold move got off so well. Over 1,000 protested also against Bitcoin adoption in El-Salvador.
The price of Bitcoin fell on the same day. However, President Booker said that there had been some learning curves and that it was not possible to do everything in one day.
Bitcoin is used in most countries.
Adoption Index-based global encryption Chainalysis 2021. In the past 12 months, global encryption adoption has jumped more 880%. It ranks among the top 154 countries based on peer-to-peer transaction volume. Total crypto activity and non-professional trading activity. These are the 20 top countries that have the most crypto-related activities.
This shows that the United States is not in a position of leading cryptocurrency friendliness. But not all large-scale cryptocurrency activity is based in the United States. You can also consider the countries on the other list as either one of the most advanced countries or the fastest to adopt encryption.
Three Other Countries
We have seen reports that listed countries experiencing spikes in cryptocurrency or Bitcoin transactions. Let’s now take a look at some countries that may adopt Bitcoin like El Salvador.
Aureo Riberio (Vice President of the Brazilian Federation), revealed in October 2021 that Brazilians would soon be able to use Bitcoin to purchase cars, houses, and even food at McDonald’s. Riberio introduced Bitcoin Bill 2.03/15 to the Brazilian House of Representatives. It was approved by the Special Committee of the House of Representatives September 29.
According to Yahoo, Riberio stated that: “We wanted the wheat from the chaff, and set the rules to make transactions, understand where your buying is, and understand with whom you are dealing.” Bitcoin is currently in Brazil. It is not yet regulated, and it is not recommended for trading.
Like a Bitcoin is now legal recognized for payment of commercial transactions to Cuba. A few days after El Salvador adopted Bitcoin on September 15, 2021 the Central Bank of Cuba (BCC), approved Resolution 215 of 2021 to recognise the digital currency.
The BCC approved Bitcoin and other cryptocurrency use in the country. However, the BCC reminds everyone about potential risks associated with cryptocurrency usage. Including policy risks and financial stability risks.
Panama began accepting bitcoin the same day that El Salvador made an historic decision to accept Bitcoin legal tender. To make Panama’s cryptocurrency different from El Salvador’s, Panama added Ethereum (ETH), the rise of cryptocurrency investment, to its acceptance list.
Panama wants to encourage the use of BTC/ETH as payment options. The strong use of blockchain technology within the public and financial sector is also a key feature. This bill shows Bitcoin’s potential to be used as a hedge against high inflation and separability. Panama, however, does not require companies to accept BTC or other cryptocurrencies, as El Salvador did.
Although El Salvador is the smallest country of Central America, its willingness to embrace new ideas that could help shape its financial future and its ability to do so has been remarkable. This is evident in the countries that have made the first steps to embrace digital currencies. We may soon see more countries explore the potential magic of Bitcoin.