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Title: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: elevates on February 03, 2023, 01:57:54 PM We all know that El Salvador and the Central African Republic (CAR) have already adopted Bitcoin as a legal tender. Out of these two El Salvador has shown significant improvement in their economy. They recently shared with the world that they have paid back $800m sovereign debt. Every mainstream media outlets controlled or financed by the big financial institution were against them when they adopted Bitcoin as a legal tender.
Till last year almost every mainstream media outlet had predicted that they would default on their $800m sovereign debt but that did not happen and now many other countries that are presently going through an economic crisis would be interested follow on their footpath. Do you then think that other countries would adopt Bitcoin? If yes, then which country would likely do it this year? As for me, I think this small country Tonga islands (https://en.wikipedia.org/wiki/Tonga) might adopt Bitcoin. They have already shown interest in Bitcoin (https://cointelegraph.com/news/tonga-s-timeline-for-bitcoin-as-legal-tender-and-btc-mining-with-volcanoes) as they would like to mine it using the green energy (https://www.greenclimate.fund/project/fp090) which BTW, they have in abundance and another reason is that the population in Tonga is not that big for large energy consumption. They are interested in training and providing Bitcoin mining equipment to every resident in their country where the population is just 106,858. Please do share the reason and the sources you have gathered while replying to this topic. If Possible :) Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: mk4 on February 03, 2023, 02:02:14 PM Your guess might just be as good as mine, but one thing's for sure — it wouldn't be a major country like the US/UK/etc. A smaller country like Tonga(like you said) has a lot more incentive to take such risks compared to huge established countries.
Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Getmon on February 03, 2023, 02:34:26 PM Previously, Paraguay was the most likely candidate to follow El Salvador and CAR. Last year, their senate gave it a chance to be regulated; however, their president vetoed it, sending it back to their legislature. In addition, in December of the previous year, it failed to obtain the necessary votes in a potential second effort. Anyhow, there were only short of five votes in the voting. Therefore, it is possible that new additional pushes will occur this year. Regardless, Latin America and any other smaller nations from different continents could become the new countries to adopt bitcoin as a legal tender.
https://www.coindesk.com/policy/2022/12/06/paraguay-votes-down-crypto-regulatory-bill-in-a-blow-to-crypto-mining-industry/ Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: ilovealtcoins on February 03, 2023, 03:04:48 PM I don't have any information on which countries are getting friendly and considering accepting bitcoin as a legal tender in the near future. But if any country continues to accept bitcoin as legal tender, I think it will be the 3rd country with a difficult economy. The first two countries to accept bitcoin are in a similar situation. Don't expect that some developed countries will do this.
Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Lucius on February 03, 2023, 03:17:11 PM We all know that El Salvador and the Central African Republic (CAR) have already adopted Bitcoin as a legal tender. Out of these two El Salvador has shown significant improvement in their economy. They recently shared with the world that they have paid back $800m sovereign debt. Every mainstream media outlets controlled or financed by the big financial institution were against them when they adopted Bitcoin as a legal tender. What does the fact that Bitcoin is legal tender in El Salvador have to do with the alleged improvement of their economy? As far as I know, that country has not sold a single Bitcoin, and still continues to buy them - while at the same time statistics show that only 21% of people used Bitcoin during 2022. Maybe some things will be clearer to you if you read the following information : The UCA (university institute of public opinion) has just released a survey where Salvadorians evaluate 2022. The survey was carried out against 1.273 people, conducting personal interviews in random houses in accordance to sought quotas by type of area (rural, urban), department (state), sex and age. It sounds conceptually correct from my point of view. The survey includes a specific set of questions on bitcoin, reflected in the first link provided below between pages 42 and 53, and summarized in the second link’s infographic. The data seems to allow us to derive that: - Salvadorians believe, in their majority (81,7%), that their family economic situation has not improved thanks to bitcoin being legal tender. There is also a decrease in those that perceive an improvement, going down from 9,9% in 2021 to 5,7% in 2022. - Only 5,1% considers the general population to be the main (emphasis on main) beneficiary of bitcoin becoming legal tender, whilst over 60% point to the rich/foreign investors/government-president as those being the main beneficiaries. - 74% (*) have not used bitcoin during 2022 (there’s also another 5% that have never used it). 21% declare having used it in 2022. Out of these users, 31,2% have only used it once, 33,8% between 2 and 4 times, and 35% 5 or more times. (*) I guess that there are a lot of people that benefited from the initial 30$ in bitcoin for downloading the Chivo wallet, and that therefore are considered ex-users (thus not engrossing the "never used it" segment). I don't consider 21% of people declaring to have used bitcoin during 2022 a failure, though is we go for those that have used it more than once, the figure drops to 14,5%. Nevertheless, taking into account that it is legal tender there, the heavy user segment is pretty low, meaning that there is still a large gap to cover in terms of practical recurrent usage. The stat lacks a historical perspective of the evolution of the frequency of usage, which is something I hope they keep and compare vs 2023 data next year. See (in Spanish, but with charts): https://uca.edu.sv/iudop/wp-content/uploads/PPT-Ev-Anio-2022.pdf https://uca.edu.sv/iudop/wp-content/uploads/Opinion-publica-sobre-el-bitcoin-en-el-anio-2022.pdf As for me, I think this small country Tonga islands (https://en.wikipedia.org/wiki/Tonga) might adopt Bitcoin. They have already as they would like to mine it using the green energy (https://www.greenclimate.fund/project/fp090) which BTW, they have in abundance and another reason is that the population in Tonga is not that big for large energy consumption. They are interested in training and providing Bitcoin mining equipment to every resident in their country where the population is just 106,858. Do not live in delusions, because it is not the idea of the government of Tonga, but of a politician who is a former member of parliament and as far as I know does not speak officially on behalf of the government of that island. Even if his wishes come true, it won't even be news that will mean anything - because Bitcoin as a legal tender does not mean much. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: coupable on February 03, 2023, 05:35:46 PM If there are countries that will work to adopt Bitcoin as legal currency, they certainly will not follow the example of El Salvador or Central Africa. The two experiments do not achieve the expected success to this day. Or this can be explained by the fact that the adoption of Bitcoin cannot succeed in countries with weak economies. This is in addition to the Ftx disaster, which forced many countries that showed enthusiasm for crypto to reconsider all future plans related to crypto regulation.
In the same concept, there are expectations that some African countries will announce the legalization of Bitcoin as a recognized currency. The governor of the Central Bank of Morocco had announced (https://www.youtube.com/watch?v=wjUVyybkhIk) that the bank had completed the preparation of a draft law to legalize cryptocurrencies, and that the project had been discussed with international parties such as the World Bank. The project is currently being presented to financial institutions in Morocco for consideration and to propose appropriate amendments before issuing the final version of it. There is no clear date set, but the project is expected to be launched at the beginning of next summer. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: teosanru on February 03, 2023, 05:51:43 PM I think it's hard to predict which country will go through such a proposal no one even expected El Salvador would do such a thing before they actually did it. I believe it not only depends on country's own will to do that but the will of countries which support that country as it is often seen that small nations are at mercy of the big nations for some or the other resources, any country under influence of any such big nation is never going to make such a proposal.
Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: pawel7777 on February 03, 2023, 06:12:47 PM I wouldn't expect a massive number of new countries to declare Bitcoin as a legal tender, especially not any from the top-developed ones, but I won't be surprised if we see a growing number of countries deciding to keep some small portion of their reserves in bitcoin.
When thinking about it, it actually makes no sense not to hold at least a little bit. The risks of price fluctuations could be lower than potential benefit in the scenario that BTC becomes a world's reserve currency, which is unlikely but not impossible, or when it just massively appreciate in value. But for that to happen, there would have to be some sort of an international, trusted fund acting as custodian, as having public officials responsible for keeping private keys doesn't sound like a good idea. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Flexystar on February 03, 2023, 06:35:21 PM Right on time, just today only I shared a news about Indonesia and their Trade agencies looking after the Crypto exchange launch as early as June 2023. Basically it is going to be Crypto Exchanger owned by the Indonesian government thus making their government closer to adoption of the bitcoin/crypto currencies. This is definitely one and the same thing because they are directly allowing their nationals to use the crypto currencies along with the share market assets.
I think we can safely add Indonesia as one of the country which will have their Legal tender passed on for the adoption of bitcoin this year. FYI: they are already working on five different exchanges and they have financial bodies acting as escrow for the same making sure crypto exchanges run smoothly within the country. Source: https://bitcointalk.org/index.php?topic=5437925.0 or direct: Indonesia targets launch of its national crypto exchange by June (https://cointelegraph.com/news/indonesia-targets-launch-of-its-national-crypto-exchange-by-june) Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: dimonstration on February 03, 2023, 06:46:38 PM Right on time, just today only I shared a news about Indonesia and their Trade agencies looking after the Crypto exchange launch as early as June 2023. Basically it is going to be Crypto Exchanger owned by the Indonesian government thus making their government closer to adoption of the bitcoin/crypto currencies. This is definitely one and the same thing because they are directly allowing their nationals to use the crypto currencies along with the share market assets. I think we can safely add Indonesia as one of the country which will have their Legal tender passed on for the adoption of bitcoin this year. FYI: they are already working on five different exchanges and they have financial bodies acting as escrow for the same making sure crypto exchanges run smoothly within the country. Source: https://bitcointalk.org/index.php?topic=5437925.0 or direct: Indonesia targets launch of its national crypto exchange by June (https://cointelegraph.com/news/indonesia-targets-launch-of-its-national-crypto-exchange-by-june) There is a similarity but having an exchange owned by the government is a different compared to Bitcoin as legal tender. It’s more on centralizing crypto exchange rather than using Bitcoin as legal tender they will need to construct a law that will allow Bitcoin to be use as currency to pay for goods while they are just aiming right now for an Exchange. This can’t be categorized as step towards Bitcoin as legal tender and Indonesia is still not showing a sign for this bold move. Indonesia is not a small country like El Salvador. I doubt that they will do this kind of bold move instantly this year. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Husires on February 03, 2023, 07:00:40 PM We all know that El Salvador and the Central African Republic (CAR) have already adopted Bitcoin as a legal tender. Out of these two El Salvador has shown significant improvement in their economy. They recently shared with the world that they have paid back $800m sovereign debt. There is no indication that Bitcoin was the reason behind El Salvador's payment of its debts, and therefore what this news confirms is the strength of the economy in El Salvador.I do not have information about that island and I do not know the number of its population, but according to some sources, the population is 108,020, while the literacy rate is 98%, which means that they are an educated nation, and therefore bitcoin mining will not be a problem with a very small average population. I don't know about bitcoin mining, the state relies on diesel to produce electricity. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Captain Corporate on February 03, 2023, 07:16:49 PM Definitely not Turkey, we are still trying to achieve some sort of law that is completely covers all sides of it, and since its a developing world and there are more and more new things every year, law is far behind of it all at all times which causes a lot of trouble. To be fair USA is like this as well, it doesn't have enough laws and regulations about it, because the whole thing to put a law in motion takes months at least, if not years and crypto developers a lot faster than that. Which is why I honestly believe that we are not going to see any big nations like ours could do it, it will probably be a much smaller nation, a population that is under 5-10 million for sure.
Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: stompix on February 03, 2023, 07:41:53 PM They have already shown interest in Bitcoin (https://cointelegraph.com/news/tonga-s-timeline-for-bitcoin-as-legal-tender-and-btc-mining-with-volcanoes) as they would like to mine it using the green energy (https://www.greenclimate.fund/project/fp090) which BTW, they have in abundance and another reason is that the population in Tonga is not that big for large energy consumption. They are interested in training and providing Bitcoin mining equipment to every resident in their country where the population is just 106,858. Browse the project a little! Quote Output 2: Grid-connected renewable energy generation on ‘Eua and Vava’u islands – Installing the on-grid solar PV plants with total capacity of 650 kW Output 3: Renewable-based hybrid systems and mini-grids on outer-Islands - Installing mini-grid renewable-based hybrid systems consisting of 501 kW solar PV They are installing 1.15 MW of solar panels with a 19.9 MWh and 4.3 MWh BESS system, so, if you think there would be any meaningful mining done at a large scale with that you're definitely mistaken! Tonga is trying to achieve with all that a 50% green energy and you think they will use it to mine bitcoin? Ps, I don't know who wrote that article from Cointelegraph, but a guy that can't differentiate MW from MWh probably shouldn't write about energy and electricity. We all know that El Salvador and the Central African Republic (CAR) have already adopted Bitcoin as a legal tender. Out of these two El Salvador has shown significant improvement in their economy. They recently shared with the world that they have paid back $800m sovereign debt. Cross post from the Salvador topic: And not a word on the $450m they took in a loan with Central American Bank for Economic Integration (https://uk.finance.yahoo.com/news/el-salvador-payment-clear-first-170000890.html) and the other $100m they took from the Inter-American Development Bank (https://www.latinfinance.com/daily-briefs/2023/1/18/idb-grants-loans-to-el-salvador-argentina) to pay $604 million in bond maturity. The magical payment was made by just taking a loan from a different bank! But, those are tiny details, it doesn't really matter, right? :D Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: tiCeR on February 03, 2023, 08:01:22 PM Your guess might just be as good as mine, but one thing's for sure — it wouldn't be a major country like the US/UK/etc. A smaller country like Tonga(like you said) has a lot more incentive to take such risks compared to huge established countries. I believe IF a larger economy or country like the US/UK/etc. is really going to adopt Bitcoin as legal tender, that would happen in tandem with the introduction of smart laws that work in favor of the government in terms of tax collection optimization and overall insight into and control of financial activities, especially cross border activities. I don't see any of the major economies to just make Bitcoin legal tender without any accompanying laws or regulations. So I would say it is not just all about seeing "Bitcoin becoming legal tender" in isolation. Smaller economies might have a reason to take a gamble, like a real gamble when actually Bitcoin could make them rich at some point. That doesn't apply to the larger economies. If you take the example of Tonga, their GDP was less than 500 million USD in 2021. Due to a massive bet on Bitcoin they could actually exceed their annual GDP during a decent Bitcoin bull run. In such countries the goals concerning Bitcoin are usually completely different from those of well established economies. The well established economies want surveillance and control. Worse established economies might consider Bitcoin a good bet at this point from a wealth perspective. Very difficult to tell who owns what, who knows what, who wants what and who might already be planning something big. If I was the US government, wouldn't it be smart to first amass a ton of Bitcoin and then at some point in time declare it legal tender? That would certainly have a massive impact on the price. Many things to consider and certainly an interesting question to think about. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: uneng on February 03, 2023, 08:01:56 PM Rumours of Tonga adopting bitcoin as legal tender come since the beginning of 2022. And there also rumours from a senator in the state of Arizona, USA, who is trying to push bitcoin adoption as legal tender as well. On the other hand, in St. Maarten's country, which is part of the Kingdom of Netherlands, there are plans on the parliament to adopt Tron as legal tender.
As we can see there are initiatives regards crypto adoptions in different minor countries and independent states of bigger nations, like US. However, we don't know yet how much support these initiatives have locally. The side who speaks against crypto adoption might be still more influent, especially after El Salvador adopted the measure, but saw bitcoin melting down, while the country continued acquiring more and more bitcoins. So far El Salvador is in loss on their btc investments and will be only able to recover it once btc returns to the 40,000$'s price range. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Furious 7 on February 03, 2023, 08:34:04 PM Previously there were still many who were sure about Paraguay which would follow, but this seemed to have disappeared from monitoring and the news at this time seemed to have been swallowed up by the earth. but no one really knows about it, that's for sure, for now it's impossible for large countries to adopt bitcoin because this will obviously shake things up, but that doesn't mean there won't be, it's just that it's possible for small countries, I think there will still be at least 1 or even more.
Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Artemis3 on February 03, 2023, 08:38:06 PM Paraguay is currently no go. Maybe one of the neighbors of El Salvador...
Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: mendace on February 03, 2023, 09:05:10 PM It is difficult to predict which country might adopt Bitcoin as a legal tender next. Adoption of Bitcoin as a legal tender is a complex and controversial issue that involves many factors such as political, economic, and technological factors.
As for Tonga, while they have shown interest in Bitcoin mining using green energy, there is no official announcement or confirmed sources indicating that they are considering adopting Bitcoin as a legal tender. It is important to keep in mind that adopting Bitcoin as a legal tender involves significant regulatory and infrastructure changes, and the decision would likely be made after careful consideration and consultation with relevant stakeholders. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: tbct_mt2 on February 03, 2023, 11:45:16 PM Countries Which Allow Cryptocurrency As Legal Tender (https://coinmarketcap.com/legal-tender-countries/)
Which Country Will Make Crypto Legal Tender Next? (https://coinmarketcap.com/alexandria/article/which-country-will-make-crypto-legal-tender-next) Making Bitcoin legal tender in a whole nation means a big thing legally. Big countries with healthy finance will not have interest in making this. In contrast, small nations especially with their economic problems usually have more interests in such a big legal step. If you want to guess what countries will enforce Bitcoin legal tender after El Salvador and Central African Republic, you must consider their economic and maybe social status. If the status is bad, it is higher chance to see legal tender in that nation. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: virasog on February 03, 2023, 11:51:26 PM Your guess might just be as good as mine, but one thing's for sure — it wouldn't be a major country like the US/UK/etc. A smaller country like Tonga(like you said) has a lot more incentive to take such risks compared to huge established countries. I think the countries who have taken debt from the USA and are unable to pay the debt may adopt bitcoin much faster than the countries who are economically strong. But then we see that a rich country like UAE / Dubai also support bitcoin which means that there is no hard and fast rule of which country can adopt bitcoin and which cannot. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: nullama on February 04, 2023, 01:04:49 AM I would have said Tonga, but the natural disaster that occurred recently might have slowed down that process.
It's probably going to be a small country that uses a lot remittances. They would be tempted to stop paying those huge fees to American money transfer companies. Probably the last one to join would be the US. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: adzino on February 04, 2023, 01:27:40 AM We all know that El Salvador and the Central African Republic (CAR) have already adopted Bitcoin as a legal tender. Out of these two El Salvador has shown significant improvement in their economy. They recently shared with the world that they have paid back $800m sovereign debt. Every mainstream media outlets controlled or financed by the big financial institution were against them when they adopted Bitcoin as a legal tender. I have been hearing few more Latin American countries might start considering bitcoin as a legal tender, but I doubt they will do it anytime soon. And we won't be seeing any leading countries of the world taking such drastic decisions within a year. And with all the incidents and issues that arose last year with crypto currencies, countries will be more cautious about they next move regarding cryptos. But probably smaller countries like you mentioned might do it because it would be easier for them to regulate and finalize everything. Till last year almost every mainstream media outlet had predicted that they would default on their $800m sovereign debt but that did not happen and now many other countries that are presently going through an economic crisis would be interested follow on their footpath. Do you then think that other countries would adopt Bitcoin? If yes, then which country would likely do it this year? As for me, I think this small country Tonga islands (https://en.wikipedia.org/wiki/Tonga) might adopt Bitcoin. They have already shown interest in Bitcoin (https://cointelegraph.com/news/tonga-s-timeline-for-bitcoin-as-legal-tender-and-btc-mining-with-volcanoes) as they would like to mine it using the green energy (https://www.greenclimate.fund/project/fp090) which BTW, they have in abundance and another reason is that the population in Tonga is not that big for large energy consumption. They are interested in training and providing Bitcoin mining equipment to every resident in their country where the population is just 106,858. Please do share the reason and the sources you have gathered while replying to this topic. If Possible :) Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: LogitechMouse on February 04, 2023, 02:27:06 AM ~ Well, what do you expect?Every mainstream media outlets controlled or financed by the big financial institution were against them when they adopted Bitcoin as a legal tender. Media outlets = controlled by the government. Financial institutions = controlled or at least has a huge relation with the government. Bitcoin = against what the governments are doing. Expect that they will be against it. Brainwashing at it's peak. :D. TBH, it's hard to know which countries will make Bitcoin a legal tender. I mean during the 14 years of existence of it, only 2 countries accepted it as a legal tender but on the other hand, it's also good to see countries starting to accept it. Probably those small and developing countries are the ones who will start accepting it. First world countries might not have any interest on Bitcoin being a legal tender. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Hispo on February 04, 2023, 02:49:56 AM Rumours of Tonga adopting bitcoin as legal tender come since the beginning of 2022. And there also rumours from a senator in the state of Arizona, USA, who is trying to push bitcoin adoption as legal tender as well. On the other hand, in St. Maarten's country, which is part of the Kingdom of Netherlands, there are plans on the parliament to adopt Tron as legal tender. It would not be against the constitution of the United States (at federal level) if any estate of the union pushed to have any other legal tender than the USD? I ask, because I assume there must be an explicit mention of the country legal tender in the constitution and we all know how people in the USA fiercely protect the articles of their social contract. Still even if it was possible, it would likely never happen in USA, for obvious reasons. At least, not this soon in the game. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Iranus on February 04, 2023, 03:35:44 AM We all know that El Salvador and the Central African Republic (CAR) have already adopted Bitcoin as a legal tender. Out of these two El Salvador has shown significant improvement in their economy. They recently shared with the world that they have paid back $800m sovereign debt. There is no indication that Bitcoin was the reason behind El Salvador's payment of its debts, and therefore what this news confirms is the strength of the economy in El Salvador.I do not have information about that island and I do not know the number of its population, but according to some sources, the population is 108,020, while the literacy rate is 98%, which means that they are an educated nation, and therefore bitcoin mining will not be a problem with a very small average population. I don't know about bitcoin mining, the state relies on diesel to produce electricity. El Salvador's economic improvement is one sign. Since they accepted bitcoin as legal tender and invested in bitcoin, it can be said that the investment is not yet profitable for them as we are still in the bear season. But as their reports show that since they accepted bitcoin, their tourism industry has recovered and developed rapidly, so it can be said bitcoin has contributed to their economic development. Bitcoin is not yet profitable for them, but the benefits it offers are indisputable. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: tabas on February 04, 2023, 03:39:13 AM AFAIK, I've read a news that there's a likely that Tonga will really adopt bitcoin soon as a legal tender. And I don't know with such other countries that have bigger economies if they're going to do the same thing as what El Salvador did. Well, there are other nearby islands counties in Tonga, the Pacific Islands and one of them I think is Tuvalu. Those small nations are likely going to be the next ones as they will pass on that adoption if they see it as an effective way to attract more tourists come into their countries.
Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Marvell1 on February 04, 2023, 04:06:43 AM We don't know which country will become the 3rd country to accept bitcoin as legal tender like El Salvador and the Central African Republic. But I think if any country accepts bitcoin, it will be a small country, 3rd world country, not a big country. I think accepting bitcoin at the national level will be like what is happening to us. Retail investors were the first to accept bitcoin, and over time, corporate, big investors also began to accept it. Similarly, poorer countries will accept bitcoin and then larger countries.
Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: nullama on February 04, 2023, 04:12:27 AM We don't know which country will become the 3rd country to accept bitcoin as legal tender like El Salvador and the Central African Republic. But I think if any country accepts bitcoin, it will be a small country, 3rd world country, not a big country. I think accepting bitcoin at the national level will be like what is happening to us. Retail investors were the first to accept bitcoin, and over time, corporate, big investors also began to accept it. Similarly, poorer countries will accept bitcoin and then larger countries. Many, actually most countries in the world, accept the fact that people can buy and sell goods and services with Bitcoin instead of their own fiat. The difference in making Bitcoin legal tender like El Salvador and CAF have done, is that in those countries you are basically forced to accept Bitcoin for payment of any debt. That's the main difference. But you can use Bitcoin pretty much anywhere in the world as long as the other party also wants to use it. It's independent of what the country says regarding status of Bitcoin as legal tender. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Despairo on February 04, 2023, 05:40:49 AM Many, actually most countries in the world, accept the fact that people can buy and sell goods and services with Bitcoin instead of their own fiat. This is wrong, where the source if most countries in the world can use Bitcoin as a currency? most countries only accept Bitcoin as an asset for investment or trading [1] similar like stock or gold. Sure you might don't have any problem if you've trade Bitcoin via direct P2P with someone which doesn't care with laws or close with you, so they wouldn't report you to the court.The difference in making Bitcoin legal tender like El Salvador and CAF have done, is that in those countries you are basically forced to accept Bitcoin for payment of any debt. That's the main difference. But you can use Bitcoin pretty much anywhere in the world as long as the other party also wants to use it. It's independent of what the country says regarding status of Bitcoin as legal tender. But if you have a business and Bitcoin legality status is still in grey area to accept as a currency, sooner or later you will need to face a problem. If you win you wouldn't get anything, but if you lose, they might ask to close your business. [1] https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: nullama on February 04, 2023, 05:55:04 AM ~snip~ This is wrong, where the source if most countries in the world can use Bitcoin as a currency? most countries only accept Bitcoin as an asset for investment or trading [1] similar like stock or gold. Sure you might don't have any problem if you've trade Bitcoin via direct P2P with someone which doesn't care with laws or close with you, so they wouldn't report you to the court. But if you have a business and Bitcoin legality status is still in grey area to accept as a currency, sooner or later you will need to face a problem. If you win you wouldn't get anything, but if you lose, they might ask to close your business. [1] https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory Yes, you're right, here's the map for reference. https://upload.wikimedia.org/wikipedia/commons/thumb/7/7e/Legal_status_of_bitcoin.svg/800px-Legal_status_of_bitcoin.svg.png I was mostly thinking about Europe, US, and Oceania in my mind, but clearly there are some countries in which it could be problematic to use Bitcoin. The main point that I wanted to express is that it's not a requirement to have Bitcoin as legal tender in order to use it. The map here shows way more countries than just El Salvador and CAR. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Kakmakr on February 04, 2023, 06:05:28 AM Well, here are a list of the countries that were most interested in Crypto currencies in 2022 :
https://ifamagazine.com/article/new-study-reveals-the-countries-most-curious-about-cryptocurrency-since-the-crypto-market-crashed/ So, if I had to take a wild guess.. I would say one of the countries in Africa might consider it, because a lot of them are struggling with their economy and we have already seen a country like Zimbabwe using it to protect their wealth against hyper inflation. ::) Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: mindrust on February 04, 2023, 06:33:43 AM We all know that El Salvador and the Central African Republic (CAR) have already adopted Bitcoin as a legal tender. Out of these two El Salvador has shown significant improvement in their economy. They recently shared with the world that they have paid back $800m sovereign debt. Every mainstream media outlets controlled or financed by the big financial institution were against them when they adopted Bitcoin as a legal tender. Till last year almost every mainstream media outlet had predicted that they would default on their $800m sovereign debt but that did not happen and now many other countries that are presently going through an economic crisis would be interested follow on their footpath. Do you then think that other countries would adopt Bitcoin? If yes, then which country would likely do it this year? As for me, I think this small country Tonga islands (https://en.wikipedia.org/wiki/Tonga) might adopt Bitcoin. They have already shown interest in Bitcoin (https://cointelegraph.com/news/tonga-s-timeline-for-bitcoin-as-legal-tender-and-btc-mining-with-volcanoes) as they would like to mine it using the green energy (https://www.greenclimate.fund/project/fp090) which BTW, they have in abundance and another reason is that the population in Tonga is not that big for large energy consumption. They are interested in training and providing Bitcoin mining equipment to every resident in their country where the population is just 106,858. Please do share the reason and the sources you have gathered while replying to this topic. If Possible :) It won't be a developed country with a legit FIAT currency probably. I wish Japan or South Korea was adopting bitcoin but it probably won't happen any time soon. A European country adopting bitcoin on the other hand would be super amazing. Even if it was a small country like Lithuania. That would create lots of opportunities for the bitcoin holders. The sad thing is the EU probably won't let happen because they are mostly using the Euro and they don't want a competition especially when they are about to come up with digital Euro. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: MFahad on February 04, 2023, 06:34:32 AM Do you then think that other countries would adopt Bitcoin? My answer will be "Yes Definitely". Some counties are now financial issue and they should learn a lesson from El Salvador. Srilanka which recently defaulted should think about that. They can recover back if they take a big step here. Similarly Afghanistan should adopt Bitcoin as mean of asset.Quote If yes, then which country would likely do it this year? Country which has high number if BTC holder are Russia but it's seem they are not yet in mood of adopting Bitcoin so as already replied by many members that Tonga could be a next country to adopt BTC. I think Tonga or UAE could be next country to adopt BTC.As far as Tonga so their is much rumour about that especially cointelegraph BTC legal bill can be passed in before Q4 of 2023. UAE is international place where all exchange licensed issued and world wide meeting held there. Awareness of BTC is spreading very fast here and this could lead BTC to be accepted as a legal render. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: HONDACD125 on February 04, 2023, 06:51:01 AM We all know that El Salvador and the Central African Republic (CAR) have already adopted Bitcoin as a legal tender. Out of these two El Salvador has shown significant improvement in their economy. They recently shared with the world that they have paid back $800m sovereign debt. Every mainstream media outlets controlled or financed by the big financial institution were against them when they adopted Bitcoin as a legal tender. Pakistan has shown some interest in cryptocurrencies, including Bitcoin, and the State Bank of Pakistan has issued warnings and guidelines, However, the country has not yet legalized the use of Bitcoin. Till last year almost every mainstream media outlet had predicted that they would default on their $800m sovereign debt but that did not happen and now many other countries that are presently going through an economic crisis would be interested follow on their footpath. Do you then think that other countries would adopt Bitcoin? If yes, then which country would likely do it this year? As for me, I think this small country Tonga islands (https://en.wikipedia.org/wiki/Tonga) might adopt Bitcoin. They have already shown interest in Bitcoin (https://cointelegraph.com/news/tonga-s-timeline-for-bitcoin-as-legal-tender-and-btc-mining-with-volcanoes) as they would like to mine it using the green energy (https://www.greenclimate.fund/project/fp090) which BTW, they have in abundance and another reason is that the population in Tonga is not that big for large energy consumption. They are interested in training and providing Bitcoin mining equipment to every resident in their country where the population is just 106,858. Please do share the reason and the sources you have gathered while replying to this topic. If Possible :) Pakistani authorities expressed concerns about money laundering and financing of terrorism. At the same time, there is also a growing recognition of benefits that cryptocurrencies and blockchain technology has which help Pakistan in Difficult times Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Sayeds56 on February 04, 2023, 08:18:35 AM I would have said Tonga, but the natural disaster that occurred recently might have slowed down that process. It's probably going to be a small country that uses a lot remittances. They would be tempted to stop paying those huge fees to American money transfer companies. Probably the last one to join would be the US. Though it is difficult to predict which country will adopt Bitcoin next, as it depends on various factors, such as government political will , regulations, public awareness and infrastructure. However, both Tonga and United Arab Emirates have shown some positive signs towards adoption of crypto currencies, and it will be interesting to see how the citizens and governments respond towards this emerging technology in future. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: rat03gopoh on February 04, 2023, 08:44:57 AM I think we can safely add Indonesia as one of the country which will have their Legal tender passed on for the adoption of bitcoin this year. No, that's not gonna happen even in the next 10 years. We have to approach the majority (religion, capability) beforehand to what extent Indonesia is really ready to implement bitcoin. Maybe I'm too pessimistic, but the actual speaking fact of bitcoin is still being debated[1] at many religious conferences in our country. The low capability of the population for matters related to e-finance is evidenced by the number of reports of online fraud[2] which is quite high from year to year. 1. https://www.trenasia.com/masih-jadi-perdebatan-apakah-aset-kripto-halal-atau-haram 2. https://www.cnnindonesia.com/teknologi/20211015085350-185-708099/kominfo-catat-kasus-penipuan-online-terbanyak-jualan-online Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: paid2 on February 04, 2023, 09:29:06 AM In Europe, Georgia wants to become the new European "El Salvador". They are actually working on the project, I don't have an update about it since a moment.
They want to create a hub and a tax system specific to cryptos. Unfortunately their desire to enter the European Union will force them to comply with the current Mica law and the hard AML regulations of the EU. It's sure to become a place where crypto will have a huge importance, the question of making BTC a legal tender is debated and not yet resolved. I think Eastern Europe and Africa are the future of BTC in terms of adoption. People need and will need it because their national FIAT is not working well, I'm talking about the crypto environment globally, I hope that small BTC havens like this will appear more and more, it solves a lot of unnecessary worries I think. In any case I wish success and stability to all the countries that will try the experiment. I'm looking forward to a country close to Europe to finally make BTC a common payment method in its territory :D Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Nrcewker on February 04, 2023, 09:43:29 AM I don’t think any country thinks like El Salvador, I mean if they actually have a plan to make Bitcoins legal, then they would have already done it by till now. But the governments are not ready to bend down against the independent economic control by its people. Due to the decentralised nature of the coin, no government can actually know how many Bitcoins a person has, and hence they cannot regulate tax on it. This is the main reason for which all the governments are afraid of Bitcoins and not making it as a legal tender.
Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: John Abraham on February 04, 2023, 09:53:57 AM Sometimes I feel like the USA is going to make Bitcoin a legal tender. But, I also understand that until the government doesn't change the man powers, it won't happen anytime soon. To make it legal tender, they have to understand what is Bitcoin and how it works. Why it is not like other crypto currencies that can be manipulated. The biggest problem is fear about Bitcoin. A whale or institute can manipulate the market anytime. No country want to get controlled by a specific person or a company. So, Let the Bitcoin spread more and more and one day big counties will adopt Bitcoin as legal Tender.
Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Sebas.tian on February 04, 2023, 09:57:04 AM I think, many countries will adopt Bitcoin as a legal tender this year because some of their parliament are seriously working to ensure they make it happen this year so that their citizens will enjoy what other countries that made it legal tender are enjoying in their various societies. I don't know any countries that will adopt Bitcoin as a legal tender this year but I know many governments officials are making some requiring from El Salvador country to know the procedure and how to use it positively. El Salvador, be the first country to adopted Bitcoin as a legal tender and they have achieved a lot of benefits from Bitcoin that is attracting other countries to make it legal soon.
Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: paid2 on February 04, 2023, 09:57:27 AM I don’t think any country thinks like El Salvador, I mean if they actually have a plan to make Bitcoins legal, then they would have already done it by till now. But the governments are not ready to bend down against the independent economic control by its people. Due to the decentralised nature of the coin, no government can actually know how many Bitcoins a person has, and hence they cannot regulate tax on it. This is the main reason for which all the governments are afraid of Bitcoins and not making it as a legal tender. For taxes, in a place where BTC would be a legal currency, one could imagine a nominative wallet reserved for this use. Governments would not automatically turn their countries into new tax havens because bitcoin would become the legal currency. Even if I agree with you in principle, saying that no one can know how much BTC someone has is a bit optimistic in 2023. It is true for a minority of early-Bitcoiners indeed. But the vast majority of people use CEX. And having worked for a CEX, I can confirm that a huge number of addresses are forever linked to a KYC. The pseudonymity of BTC does not make it tax-proof for people who do not use any decentralized solution. In a country where BTC is legal tender, you can receive your salary in BTC, your state aid etc. There is necessarily a traceability possible. I don't think any government is afraid of this, we are not talking about making XMR the legal currency of a country but BTC. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: leeboy on February 04, 2023, 10:05:41 AM Sad to know that big countries will not adopt bitcoin anytime soon
But countries with the worst economies need crypto the most, let's see what 2023 will prepare to us Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: John Abraham on February 04, 2023, 10:14:09 AM I think, many countries will adopt Bitcoin as a legal tender this year because some of their parliament are seriously working to ensure they make it happen this year so that their citizens will enjoy what other countries that made it legal tender are enjoying in their various societies. I don't know any countries that will adopt Bitcoin as a legal tender this year but I know many governments officials are making some requiring from El Salvador country to know the procedure and how to use it positively. El Salvador, be the first country to adopted Bitcoin as a legal tender and they have achieved a lot of benefits from Bitcoin that is attracting other countries to make it legal soon. Bro, It's not that easy. It's not how it works. While some officials are working, They won't be able to convenience the whole government. Because there are a lot of dick heads sitting on the boss's chair, young people are unable to make them understand how it works. The legal procedure takes years of years. El Salvador's case is different because their PM himself understands how bitcoin works, and he took steps to make it. For other countries, It's not going to happen easily. You have to understand the whole government, what is the benefit and what risks you could have. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Lucius on February 04, 2023, 10:59:30 AM ~snip~ The magical payment was made by just taking a loan from a different bank! But, those are tiny details, it doesn't really matter, right? :D It's not that it doesn't matter, it just doesn't fit into the agenda of those who want to believe that El Salvador has done something important in its economy by accepting Bitcoin as legal tender. 20+ years ago, that same country rejected its national currency and replaced it with the US dollar, and it's not like that made them a super country considering that they use the currency of the most economically powerful country in the world. The success of a country is not only a strong and stable currency, but much more is the ability of the people who rule to know how to manage complex systems such as a country. Some seem to stubbornly refuse to understand that Bitcoin is not a magic solution in El Salvador or anywhere else in the world. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Leviathan.007 on February 05, 2023, 09:36:58 AM We all know that El Salvador and the Central African Republic (CAR) have already adopted Bitcoin as a legal tender. Out of these two El Salvador has shown significant improvement in their economy. They recently shared with the world that they have paid back $800m sovereign debt. Every mainstream media outlets controlled or financed by the big financial institution were against them when they adopted Bitcoin as a legal tender. Till last year almost every mainstream media outlet had predicted that they would default on their $800m sovereign debt but that did not happen and now many other countries that are presently going through an economic crisis would be interested follow on their footpath. Do you then think that other countries would adopt Bitcoin? If yes, then which country would likely do it this year? As for me, I think this small country Tonga islands (https://en.wikipedia.org/wiki/Tonga) might adopt Bitcoin. They have already shown interest in Bitcoin (https://cointelegraph.com/news/tonga-s-timeline-for-bitcoin-as-legal-tender-and-btc-mining-with-volcanoes) as they would like to mine it using the green energy (https://www.greenclimate.fund/project/fp090) which BTW, they have in abundance and another reason is that the population in Tonga is not that big for large energy consumption. They are interested in training and providing Bitcoin mining equipment to every resident in their country where the population is just 106,858. Please do share the reason and the sources you have gathered while replying to this topic. If Possible :) I don't think there is any country right now that officially announced that they will start accepting bitcoin and adopt bitcoin for their country, at least I didn't see anything about it on the news. But from what I can see Indonesia is doing very well and they are getting progress in blockchain and bitcoin and cryptocurrencies in their country time after time, also I saw UAE accepting bitcoin for payment in many places and that's all about the Asian countries I know and I guess the next country will be an Asian country to embrace bitcoin. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: m2017 on February 05, 2023, 01:16:19 PM Your guess might just be as good as mine, but one thing's for sure — it wouldn't be a major country like the US/UK/etc. A smaller country like Tonga(like you said) has a lot more incentive to take such risks compared to huge established countries. In big countries, everything is already fine (almost) and they have no need to legalize bitcoin at home. For small countries, this is a rare and breakthrough opportunity to improve their well-being. But as you can see, few small countries are willing. I have no idea which country can legalize btc this year, but I am sure, as mk4 said above, it will be a small and weak country that will take this step out of desperation. Indeed, this is a risk and it is not known how the legalization of btc will affect the economy of a small country and the attitude of big and influential countries towards them. The first investors in bitcoin took almost the same risk, and we know very well that those who were among the first are now very rich. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: yazher on February 05, 2023, 01:17:41 PM Sad to know that big countries will not adopt bitcoin anytime soon But countries with the worst economies need crypto the most, let's see what 2023 will prepare to us With the current high inflation rate, those countries will leave no choice but to accept their fate by adopting and making bitcoins legal tender in their countries if they wanted to save their economies. Most likely it would begin when they see some major success in El Salvador and they will gonna flock to announce their sudden U-turn to cryptocurrency when they feel they have been hit hard by inflation. This is the only way they make their country stable and they will not become like other countries that suffered so much that they are about to lose their national currency and instead use other countries' currency to save their economy. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: John Abraham on February 05, 2023, 02:59:10 PM With the current high inflation rate, those countries will leave no choice but to accept their fate by adopting and making bitcoins legal tender in their countries if they wanted to save their economies. Most likely it would begin when they see some major success in El Salvador and they will gonna flock to announce their sudden U-turn to cryptocurrency when they feel they have been hit hard by inflation. This is the only way they make their country stable and they will not become like other countries that suffered so much that they are about to lose their national currency and instead use other countries' currency to save their economy. I am not sure how you conclude that adopting Bitcoin is the only way to save their economies. There are many things they can do except adopt Bitcoin as a legal tender. I am not a particular person about it, but I know how Bitcoin works. Yeah, They can make it legal and invest as well. But, They don't have to invest their country budget or big amount of money to Bitcoin just to save their economies. That's not how it works. They have to understand how it works and be aware of potential risk as well. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Abiky on February 05, 2023, 04:00:17 PM Your guess might just be as good as mine, but one thing's for sure — it wouldn't be a major country like the US/UK/etc. A smaller country like Tonga(like you said) has a lot more incentive to take such risks compared to huge established countries. Developed countries' economies are still "flowing" as usual, so they don't feel the need to adopt Bitcoin as an alternative to Fiat. Only developing countries do. I wouldn't care more or less, as long as Bitcoin reaches the masses worldwide. Even though developed countries like the US and UK haven't officially recognized BTC as legal tender, they've already embraced the "revolution" with open arms by regulating the industry. So I'd say Bitcoin is already winning in its battle against Fiat. Slowly but surely, we'll see the list of developing countries adopting BTC as legal tender grow over time. I believe the next country to do this will be Mexico. Especially when a Mexican senator hinted the possibility of adopting BTC as legal tender. Another country on the brink of embracing Bitcoin with open arms is Brazil. It will be a big win for Bitcoin if these two countries alone do the move. Who knows if we're closer to "hyperbitcoinization" than we've ever thought before? Just my thoughts ;D Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Die_empty on February 05, 2023, 04:18:09 PM Nigeria might be the next bitcoin friendly country. Please note I didn't say the next country to adopt bitcoin as a legal tender. We are expecting that a more open minded and enlightened President will be elected in this month's elections. Our hope is that the restrictions placed on banks would be lifted. This will attract more bitcoin investment in the country. I used to imagine how it will be like to use a Bitcoin ATM. I have never seen or touched it in my whole life. It will be good to use Bitcoin without intimidation from corrupt law enforcement officers. Bitcoin will really bring boundless opportunities. Bitcoin is unpredictable, it will be difficult to predict the next country that will adopt this priceless asset as a legal tender, but I am sure it will be a developing economy.
Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Ptb73 on February 05, 2023, 06:27:13 PM Surely it will be some small country. Large countries will not adopt Bitcoin any time soon.
Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: n0ne on February 05, 2023, 10:49:50 PM Nigeria might be the next bitcoin friendly country. Please note I didn't say the next country to adopt bitcoin as a legal tender. We are expecting that a more open minded and enlightened President will be elected in this month's elections. Our hope is that the restrictions placed on banks would be lifted. This will attract more bitcoin investment in the country. I used to imagine how it will be like to use a Bitcoin ATM. I have never seen or touched it in my whole life. It will be good to use Bitcoin without intimidation from corrupt law enforcement officers. Bitcoin will really bring boundless opportunities. Bitcoin is unpredictable, it will be difficult to predict the next country that will adopt this priceless asset as a legal tender, but I am sure it will be a developing economy. The usage of Bitcoin and cryptocurrencies in Nigeria keeps increasing with time. This doesn't mean Nigeria gonna adopt bitcoin and other cryptocurrencies. As per the progress of cryptocurrency usage Nigeria stands high among the African countries, but till now the legality haven't been announced. Another thing, Nigerian government have launched e-naira just to limit the usage of cryptocurrencies within the country.Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Ayers on February 05, 2023, 11:15:49 PM Nigeria might be the next bitcoin friendly country. Please note I didn't say the next country to adopt bitcoin as a legal tender. We are expecting that a more open minded and enlightened President will be elected in this month's elections. Our hope is that the restrictions placed on banks would be lifted. This will attract more bitcoin investment in the country. I used to imagine how it will be like to use a Bitcoin ATM. I have never seen or touched it in my whole life. It will be good to use Bitcoin without intimidation from corrupt law enforcement officers. Bitcoin will really bring boundless opportunities. Bitcoin is unpredictable, it will be difficult to predict the next country that will adopt this priceless asset as a legal tender, but I am sure it will be a developing economy. The usage of Bitcoin and cryptocurrencies in Nigeria keeps increasing with time. This doesn't mean Nigeria gonna adopt bitcoin and other cryptocurrencies. As per the progress of cryptocurrency usage Nigeria stands high among the African countries, but till now the legality haven't been announced. Another thing, Nigerian government have launched e-naira just to limit the usage of cryptocurrencies within the country.But the fact that the Nigerian government lifted the bitcoin ban shows that they are becoming more bitcoin-friendly than ever, they are gradually changing their views on bitcoin. The possibility of them accepting bitcoin becoming legal tender is unlikely but for them to accept bitcoin as a payment method or a commodity, I think it won't be too difficult for them. Nigeria will probably be the next to accept bitcoin, we can expect that. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: nullama on February 05, 2023, 11:25:55 PM In Australia there's a new reform in the making: https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/making-crypto-safer-consumers
It's mainly targeted to control all the alt coin scams, but it might affect Bitcoin as well. Quote from: https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/making-crypto-safer-consumers Unsustainable business models used by some companies dealing in crypto assets have left consumers exposed. I'm not sure they will make Bitcoin legal tender any time soon in Australia, but at least they seem to be quite friendly to Bitcoin. Let's see what comes out of this. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Yatsan on February 05, 2023, 11:58:13 PM Hard to guess. But let's just hope there will be more countries to do so whether big or small would be a great help in order for this technology's advantages to be more acknowledged. But on my end, I think it would be third world countries to do so because they are more likely to try new things which could generate profit. However, this industry would be difficult to be taxed which somehow creates a conflict with this guess of mine. Big countries on the other hand are quiet with adopting this industry as an alternative mode of payment probably because of the risks involved or they are just busy with more beneficial for their economy. Usage of this technology is still neutral to most countries, which is I think better than to be restricted. Let us just hope for a betterment in this industry as years would go by.
Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: crunck on February 06, 2023, 03:11:58 AM Surely it will be some small country. Large countries will not adopt Bitcoin any time soon. That's for sure, we won't be able to tell which country will accept bitcoin as legal tender until they have an official announcement. But it's certainly a small, poor, third world country...not a great power. Great power has a developed economy, they don't need bitcoin. Like the early investors in bitcoin were mainly small investors hoping to get rich with a small amount of money. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: John Abraham on February 09, 2023, 02:41:28 PM Surely it will be some small country. Large countries will not adopt Bitcoin any time soon. That's for sure, we won't be able to tell which country will accept bitcoin as legal tender until they have an official announcement. But it's certainly a small, poor, third-world country...not a great power. Great power has a developed economy, they don't need bitcoin. The early investors in bitcoin were mainly small investors hoping to get rich with a small amount of money. Which country are you talking about? Which one is a third-world country? Why do you believe only small countries with poor economies will adopt Bitcoin as a legal tender? Why not a Country like Russia? The world abandoned Russia due to the war they were involved in. Don't you think Bitcoin could be financial freedom for them? They get the benefit of Bitcoin during the war. Poor countries with poor economies won't dare to invest in Bitcoin because of its volatility. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Lucius on February 09, 2023, 03:26:30 PM Which country are you talking about? Which one is a third-world country? Why do you believe only small countries with poor economies will adopt Bitcoin as a legal tender? Why not a Country like Russia? The world abandoned Russia due to the war they were involved in. Don't you think Bitcoin could be financial freedom for them? They get the benefit of Bitcoin during the war. Poor countries with poor economies won't dare to invest in Bitcoin because of its volatility. Do you really think that under this kind of political leadership, Russia would ever decide to accept something like Bitcoin? I can't imagine that in any realistic scenario, and personally I don't want something like that to happen at a time when that country is carrying out open aggression and occupation of an internationally recognized country. Bitcoin as a "legal tender in Russia" would mean that it would very likely be blacklisted and sanctioned by the West, and that is not exactly something that would suit the majority who just want to see the price of the same thing as high as possible. As far as I know, Russia does not have any benefits from Bitcoin, but Ukraine accepted donations in Bitcoin from the first day and the total amount of donations is 646,80424950 (https://www.blockchain.com/explorer/addresses/btc/357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P) BTC Maybe Ukraine could be a good candidate for the European El Salvador? Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: kryptqnick on February 09, 2023, 03:45:14 PM If it was a question about something more long-term than a single year, I think it would be easier to pick a list of potential countries, based on those that are already exploring the crypto-friendly approach, but are doing it slowly and probably won't make Bitcoin legal tender this year.
Predicting the next country is really hard, as decisions can be surprising, as it was with the Central African Republic, which doesn't really have enough Internet coverage for proper adoption IMO. I won't try guessing a country, but I think the region of Latin America has high prospects in this regard. The president of Argentina said in 2021 that he's open (https://www.nasdaq.com/articles/president-of-argentina-open-to-adopting-bitcoin-as-legal-tender-2021-08-13) to the idea of Bitcoin as legal tender, and Brazil is already pretty close (https://cointelegraph.com/news/brazilian-president-signs-crypto-bill-into-law) to BTC as legal tender as well. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: nullama on February 10, 2023, 03:11:28 AM If it was a question about something more long-term than a single year, I think it would be easier to pick a list of potential countries, based on those that are already exploring the crypto-friendly approach, but are doing it slowly and probably won't make Bitcoin legal tender this year. Predicting the next country is really hard, as decisions can be surprising, as it was with the Central African Republic, which doesn't really have enough Internet coverage for proper adoption IMO. I won't try guessing a country, but I think the region of Latin America has high prospects in this regard. The president of Argentina said in 2021 that he's open (https://www.nasdaq.com/articles/president-of-argentina-open-to-adopting-bitcoin-as-legal-tender-2021-08-13) to the idea of Bitcoin as legal tender, and Brazil is already pretty close (https://cointelegraph.com/news/brazilian-president-signs-crypto-bill-into-law) to BTC as legal tender as well. Yeah, I think Argentina could be interesting. I doubt it will happen though, but since they have a massive debt with the IMF, they have at least some incentives to adopt Bitcoin. But it's complicated, who knows what will happen. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Bobrox on February 10, 2023, 03:37:27 AM There are have many issues with the next countries adopted Bitcoin as legal tender transaction between Brazil and Argentina, both Latin America countries have close issues the will adopted Bitcoin as legal transaction actually Brazil's parliament have made vote about who agree and disagree for adopting Bitcoin.
I hope my country will adopt and make Bitcoin as legal tender after last six months have earn benefic and taxes commission with huge fund, but little possibility because my government not has respect with take care about taxes commission only without give beneficial feedback for cryptocurrency user. I don't know how long with my country regulation earn profit and commission from taxes only without allowed Bitcoin accepted as legal payment currency transaction. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Abiky on February 10, 2023, 12:43:08 PM If it was a question about something more long-term than a single year, I think it would be easier to pick a list of potential countries, based on those that are already exploring the crypto-friendly approach, but are doing it slowly and probably won't make Bitcoin legal tender this year. Predicting the next country is really hard, as decisions can be surprising, as it was with the Central African Republic, which doesn't really have enough Internet coverage for proper adoption IMO. I won't try guessing a country, but I think the region of Latin America has high prospects in this regard. The president of Argentina said in 2021 that he's open (https://www.nasdaq.com/articles/president-of-argentina-open-to-adopting-bitcoin-as-legal-tender-2021-08-13) to the idea of Bitcoin as legal tender, and Brazil is already pretty close (https://cointelegraph.com/news/brazilian-president-signs-crypto-bill-into-law) to BTC as legal tender as well. I think mainstream countries are waiting until BTC turns bullish to adopt it as legal tender. Especially those within Latin America. Don't expect developed countries to make the announcement anytime soon, especially when their economies are still going strong. Most of them are approving friendly legislation towards Bitcoin, but they're still skeptical about it due to its unstable nature. As I've said before, it's possible both Mexico and Brazil will become the next countries in adopting BTC as legal tender. This will be big, considering they're one of the major economies in the world. With Bitcoin getting the attention of mainstream governments, it's likely "hyperbitcoinization" will become a reality sometime in the future. Who knows if this is the beginning of the end for Fiat? Just my opinion :) Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: hugeblack on February 10, 2023, 12:47:01 PM Do not try to focus on the number of countries that will adopt Bitcoin, because whenever global adoption occurs, we will hear daily of more countries that will adopt Bitcoin, which is something that individuals need to adopt first, and then the currency will find acceptance in the major economies, and then it will be a matter of time.
So the matter will happen like dominoes, as soon as a country begins to do so, all countries will continue to do so. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Finestream on February 10, 2023, 06:03:51 PM Previously there were still many who were sure about Paraguay which would follow, but this seemed to have disappeared from monitoring and the news at this time seemed to have been swallowed up by the earth. but no one really knows about it, that's for sure, for now it's impossible for large countries to adopt bitcoin because this will obviously shake things up, but that doesn't mean there won't be, it's just that it's possible for small countries, I think there will still be at least 1 or even more. I heard Tonga has also become interested about bitcoin being a legal tender so if there’s one country that would adopt bitcoin, most likely it’s Tonga I guess. But until now, there’s no confirmation about that. But definitely, it’s not big and developed countries who will adopt bitcoin because it will be a big threat to their own government. So let’s just wait for a year or two, I’m sure we will be surprise again what country it is just like how El Salvador had surprised us. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: John Abraham on February 11, 2023, 02:33:24 PM Which country are you talking about? Which one is a third-world country? Why do you believe only small countries with poor economies will adopt Bitcoin as a legal tender? Why not a Country like Russia? The world abandoned Russia due to the war they were involved in. Don't you think Bitcoin could be financial freedom for them? They get the benefit of Bitcoin during the war. Poor countries with poor economies won't dare to invest in Bitcoin because of its volatility. Do you really think that under this kind of political leadership, Russia would ever decide to accept something like Bitcoin? I can't imagine that in any realistic scene don't want something like that to happen at a time when that country is carrying out open aggression and occupation of an internationally recognized country. Bitcoin as a "legal tender in Russia" would mean that it would very likely be blacklisted and sanctioned by the West, and that is not exactly something that would suit the majority who just want to see the price of the same thing as high as possible. As far as I know, Russia does not have any benefits from Bitcoin, but Ukraine accepted donations in Bitcoin from the first day and the total amount of donations is 646,80424950 (https://www.blockchain.com/explorer/addresses/btc/357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P) BTC Maybe Ukraine could be a good candidate for the European El Salvador? Well, I don't know about Mr. Putin. I am not from Russia and I am not aware of their political culture. Let's escape the Political things. I don't know if any geniuses in the Russian Government can try to make them understand how Bitcoin works and how they can get benefited from Bitcoin. About Adoption, Do you think that western countries will blacklist bitcoin If Russia make it a Legal Tender? If so, why do you think so? Bitcoin has been banned multiple times in many countries and people said Bitcoin is dead and it wasn't true. It won't be true. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Fivestar4everMVP on February 11, 2023, 02:42:59 PM It is actually difficult to predict which country would be the next to add bitcoin as a legal tender after El Salvador and the central African Republic did it, but if i should guess now, i would go for Brazil, this is because late last year or maybe early this year, i cant remember vividly now, the country approved bitcoin as a means of payment for goods and services in the country, though the bill, according to the news at the time, was yet to be signed by the president, and also, there was no mention of whether the country is declaring bitcoin a legal tender or not, but my guess is that, that is where the whole thing is driving to.
Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: nullama on February 12, 2023, 06:40:07 AM After reading what's happening in Nigeria (https://bitcoinmagazine.com/culture/cash-limits-cbdc-and-bitcoin-in-nigeria) I could see other countries thinking twice about going the route of the CBDC.
Maybe some small country with a forward thinking leader might see this as an opportunity, and go ahead with Bitcoin instead. I think a country like Tonga might be the next one to make it legal tender, because they have to pay a lot of fees in remittances. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Abiky on March 02, 2023, 09:24:10 PM After reading what's happening in Nigeria (https://bitcoinmagazine.com/culture/cash-limits-cbdc-and-bitcoin-in-nigeria) I could see other countries thinking twice about going the route of the CBDC. Maybe some small country with a forward thinking leader might see this as an opportunity, and go ahead with Bitcoin instead. I think a country like Tonga might be the next one to make it legal tender, because they have to pay a lot of fees in remittances. Small countries adopt Bitcoin as legal tender because they really have no other choice. Their economies are weak thanks to ever-increasing inflation rates. Bitcoin cannot be debased due to the way it was designed, so it proves to be the perfect solution for developing countries trying to battle the negative effects of inflation. We should expect countries within the Latin-American region to make the move soon. The more of them there are, the better for Bitcoin. It would only be a matter of time before developed countries like the US and UK do the same. If the whole world embraces Bitcoin with open arms, "hyperbitcoinization" will be realized. Who knows if we're closer to the "Bitcoin Standard" than we've ever thought? Just my opinion :) Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: pawel7777 on March 02, 2023, 10:16:13 PM Small countries adopt Bitcoin as legal tender because they really have no other choice. Their economies are weak thanks to ever-increasing inflation rates. Bitcoin cannot be debased due to the way it was designed, so it proves to be the perfect solution for developing countries trying to battle the negative effects of inflation. We should expect countries within the Latin-American region to make the move soon. The more of them there are, the better for Bitcoin. Not every small country has hyperinflation you know. Inflation rate in El Salvador is similar (or slightly lower) than in many European countries. And no sane country will ever replace their national currency with Bitcoin (unless in some financial system collapse emergency scenario), they could only introduce it as an additional legal tender to attract tourists and investors. But you want to be able to control your national currency and you want it to have a small, healthy inflation rate. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: KennyR on March 02, 2023, 10:42:29 PM Small countries adopt Bitcoin as legal tender because they really have no other choice. Their economies are weak thanks to ever-increasing inflation rates. Bitcoin cannot be debased due to the way it was designed, so it proves to be the perfect solution for developing countries trying to battle the negative effects of inflation. We should expect countries within the Latin-American region to make the move soon. The more of them there are, the better for Bitcoin. Not every small country has hyperinflation you know. Inflation rate in El Salvador is similar (or slightly lower) than in many European countries. And no sane country will ever replace their national currency with Bitcoin (unless in some financial system collapse emergency scenario), they could only introduce it as an additional legal tender to attract tourists and investors. But you want to be able to control your national currency and you want it to have a small, healthy inflation rate. Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: Abiky on March 05, 2023, 11:50:46 AM Not every small country has hyperinflation you know. Inflation rate in El Salvador is similar (or slightly lower) than in many European countries. And no sane country will ever replace their national currency with Bitcoin (unless in some financial system collapse emergency scenario), they could only introduce it as an additional legal tender to attract tourists and investors. But you want to be able to control your national currency and you want it to have a small, healthy inflation rate. I was not aware about that. Thanks for clarifying. I guess El Salvador decided to go ahead and adopt BTC as legal tender just to help support its healthy economy. It was a very smart move by President Nayib Bukele, as that will help attract tourism into the country. Being the first one to officially announce BTC as legal tender, would give it an "edge" over other countries in the future. The proposed "Bitcoin City" with geothermal PoW mining could turn El Salvador into a "crypto paradise". Other small countries are beginning to consider doing the same, paving the way towards full-fledged adoption of BTC in the mainstream world. I'd say it's a wild guess to say which will be the next country that will adopt BTC as legal tender. It really doesn't matter which one will it be as long as it benefits Bitcoin in the long run. Who knows if we get lucky by being early adopters of the revolution? Just my thoughts ;D Title: Re: Which countries do you think this year will adopt Bitcoin as a Legal tender? Post by: nullama on March 05, 2023, 10:49:19 PM Small island countries might probably be the next ones.
Fiji for example just elected Sitiveni Rabuka as their prime minister, and he seems Bitcoin as a positive thing. And in Tonga, Lord Fusitu'a, a former MP there, is convinced his country will adopt Bitcoin as legal tender at some point. They had some natural disasters that probably slowed down progress, but it's there. |
