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Author Topic: Which countries will end up adopting crypto as legal tender first?  (Read 110 times)
hatshepsut93
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June 12, 2018, 01:31:23 PM
 #21

So far we have Venezuela proposing the petro. Russia is proposing their own. I know Estonia is very crypto and tech friendly.


Petro and other state shitcoins are not cryptocurrencies, they are completely centralized state-owned electronic money, and you are very naive to think that any government in the world would create something truly decentralized.
As for which country would recognize cryptocurrencies as legal tender, by bet is on Switzerland, as it seems to be the most libertarian country in the world. The other possibility is if some third-world country would do this as part of the plan for rapid economic development based on transparency and openness.

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June 21, 2018, 09:11:06 AM
 #22

So far we have Venezuela proposing the petro. Russia is proposing their own. I know Estonia is very crypto and tech friendly.

Where else>
There are now many countries who has legalised crypto in their nation, and I think it all depends on the the consideration of potential of bitcoin. As we all know that the bitcoin always has the potential to be very great and it depends on which country consider that potential. As you stated that Venezuela, Russia , Estonia has legalised crypto currency and I know that Florida, South Korea are two countries that has also legalised crypto and all these has experienced increase in their GDP and boost in their development.

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June 25, 2018, 10:11:45 AM
 #23

So far we have Venezuela proposing the petro. Russia is proposing their own. I know Estonia is very crypto and tech friendly.

Where else>
There are now many countries who has legalised crypto in their nation, and I think it all depends on the the consideration of potential of bitcoin. As we all know that the bitcoin always has the potential to be very great and it depends on which country consider that potential. As you stated that Venezuela, Russia , Estonia has legalised crypto currency and I know that Florida, South Korea are two countries that has also legalised crypto and all these has experienced increase in their GDP and boost in their development.
All the countries you have enlisted are great at technology and if they are recognizing bitcoin as legal currency and something worth using, it is clear message for the haters and those who think that bitcoin is not going to survive. Bitcoin is not going to decrease in popularity at all. With the passage of time, bitcoin is obviously making its way to new records and for this, we need to support it to see miracles.

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sindikat
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June 25, 2018, 10:17:15 AM
 #24

So far we have Venezuela proposing the petro. Russia is proposing their own. I know Estonia is very crypto and tech friendly.

Where else>
You can immediately exclude Venezuela and Russia from your list. These authoritarian States will never have a chance to be recognized in a free cryptocurrency world. I do not believe that the state cryptocurrency can be successful. The main reason for the popularity of cryptocurrencies is their decentralization.
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June 25, 2018, 09:55:40 PM
 #25

I don't think that it's necessary for bitcoin to be considered the legal tender currency of a country, in order for it to be successful. Bitcoin's value derives from the fact that it is decentralized and has a limited, hard coded supply. Not because a government says that it has to be accepted for payments of debt and taxes. Obviously, if they want to, it can be done.

Currently, I honestly don't see any countries doing this.

What I think you mean is them using blockchain technology to create their own cryptocurrency, and moving all payments on-chain. As you mentioned, venezuela is already trying to push for this, and it is possible. China and Russia seems to be investigating into this as well, so they could potentially be next. But it's important to note that these are all still fiat currencies, just in a different form.

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