Whcih countries will be forthcoming on adopting Bitcoin on a natioanl level?

[Walterhank]

With every passing day, we have been seeing more and more institutions and governments becoming forthcoming on the crypto scene. So, what do you think, which countries will take the adoption on a national scale and why?

[1714129957]

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[1714129957]

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[avikz]

With every passing day, we have been seeing more and more institutions and governments becoming forthcoming on the crypto scene. So, what do you think, which countries will take the adoption on a national scale and why?

Just to start with, you can check the below link,

https://en.m.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

It will give you a fair idea about the legal status if bitcoin worldwide. While few countries have come forward to create detailed regulatory framework for crypto usage, majority of them are still lacking a formal framework. So it is very difficult to say which country will join the bandwagon next!

I personally think a series of African countries will soon join the race of cryptocurrency by making it legal because it will benefit their economy directly and indirectly. Developed countries will take some time here!

[masterzino]

With every passing day, we have been seeing more and more institutions and governments becoming forthcoming on the crypto scene. So, what do you think, which countries will take the adoption on a national scale and why?

I don't think that any country will adopt it on a national level any time soon.

Why? There are few obstacles:

- fee on every transaction (LN is a solution)
- MAX number of transactions per block + slow blocks. IN every given country, you have millions to billions of transactions daily. (LN is a solution)
- trans-border trades
- VAT, import, and other taxes (without fluctuating rates)
- 1001 more problems on a national scale

[Bitstar_coin]

With every passing day, we have been seeing more and more institutions and governments becoming forthcoming on the crypto scene. So, what do you think, which countries will take the adoption on a national scale and why?

Just to start with, you can check the below link,

https://en.m.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

It will give you a fair idea about the legal status if bitcoin worldwide. While few countries have come forward to create detailed regulatory framework for crypto usage, majority of them are still lacking a formal framework. So it is very difficult to say which country will join the bandwagon next!

I personally think a series of African countries will soon join the race of cryptocurrency by making it legal because it will benefit their economy directly and indirectly. Developed countries will take some time here!

Very useful link, i was not expecting the legal country to be this much, i was expecting to see the majority of the countries to have btc trading as an illegal act, this definitely tells that crypto is gaining ground unlike before, soon enough the acceptance will increase.  

[john_nautica]

Just to start with, you can check the below link,

https://en.m.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

It will give you a fair idea about the legal status if bitcoin worldwide. While few countries have come forward to create detailed regulatory framework for crypto usage, majority of them are still lacking a formal framework. So it is very difficult to say which country will join the bandwagon next!

I personally think a series of African countries will soon join the race of cryptocurrency by making it legal because it will benefit their economy directly and indirectly. Developed countries will take some time here!

I could see that there are many countries now that made the legality of cryptocurrency possible within their borders, compared before. Given the case, however, I still find it hard to even guess which country would be fully adopting cryptocurrency. Aside from it being legal to a country, there many things to consider such as tax, trade system, fees, transaction framework and most of all the willingness and interest of the people to embrace it.

[AjithBtc]

This isn't gonna happen in the short or within years. As per my understanding about the market African countries are in need of cryptocurrency than the Western world. From this I expect the national level adoption to happen with any of the African Country. For trade needs right now itself African countries have started to make use of bitcoin. Maybe if the government supports it, there is more chance of adoption.

[zanezane]

Canada? And there may be a few more developing countries.

Good answer but I would like to nominate not a country but a continent, and it will be Africa, the adoption there is so fast and the rate of inflation in some countries like what happened to Zimbabwe and the crime rate relating to stealing fiat from other people there are a good indicator that a cashless transactions are the best course of action, it is also worth mentioning that technology is widely embraced in this continent. If their governments were to do an economic experiments on national scale, I think that it will work out there unlike in Western countries like US were regressive minds are plaguing the country and progressive people are shunned, Asian countries are rife in corruption so it will be difficult to do a clean experiment there without some official lining their pockets, the closest will be the Middle Eastern Countries.

[CODE200]

What do you mean with national scale? As its official currency or to be accepted in that country? If it is the second one, there are already countries who did such thing but if it is the first condition, that would be hard. Cryptocurrencies in general could be accepted as a currency but it will more likely co-exist with fiat currencies as medium of payment given that decentralization and regulation plays a huge role if it is concerning the main medium in every transaction. So I guess this would be blurry at this moment. Quite of a problem is, there are still countries not adopting this technology

[mezzaluna]

With every passing day, we have been seeing more and more institutions and governments becoming forthcoming on the crypto scene. So, what do you think, which countries will take the adoption on a national scale and why?

Well, the chances of Bitcoin being adopted as a legitimate currency within another country can only happen when that country is already Technologically Advanced which means at least 90% of its population has access to Smart Equipment and Internet. India has this love for Technology but it is still not enough for them to launch this kind of adoption. On the other hand, Japan's advancement is remarkable and their economic status is not that bad so I guess Japan might be one of those countries that can launch an adoption to Cryptocurrencies and not just Bitcoin. 

[TedMosby]

a few years ago I read about "Bitcoinization". this term refers to a condition when the primary exchange medium (national currency, etc) taken over by Bitcoin. CMIIW.
Argentina, Venezuela, was reported to do it (or in a plan to do it) a few years ago. Mostly countries with high inflation rates.

you can read about bitcoinization and hyperbicoinization here:
https://nakamotoinstitute.org/mempool/hyperbitcoinization/
https://bitcoinmagazine.com/hyperbitcoinization/

[irixo10]

On a national scale means using Bitcoin just like fiat on full scale, or Bitcoin being used just the way fiat will be used in that country, that is to say, the government is giving Bitcoin some sort of powers they won't be able to control. What I do know is that, no government or country will give Bitcoin that decentralization power on full scale, because if they can't control it, then they can't adopt it on a national scale. From time immemorial, government like power, they likes controling everything especially in their country, so bringing in Bitcoin will limit a lot from them and they won't want that, therefore the reason why Bitcoin adoption on a national scale will hardly or will not be possible. But what I also do know and believe is that, gradually, Bitcoin will crypt in such that, there will be more platforms that will accept bitcoin for payment of goods and services which is of course already happening, but yet these platforms or businesses will still in one way or the other, be under the regulation set out by the government.

[tabas]

There have been countries that have became friendly to crypto already. Just like Malta.
Countries Are Using Malta To Expand Their Cryptocurrency Business

[Murpheus]

There was a country i read that have already accepted bitcoin to pay for parking fees....


Could be Singapore or....
lemme go check again

[wxa7115]

With every passing day, we have been seeing more and more institutions and governments becoming forthcoming on the crypto scene. So, what do you think, which countries will take the adoption on a national scale and why?

I don't think that any country will adopt it on a national level any time soon.

Why? There are few obstacles:

- fee on every transaction (LN is a solution)
- MAX number of transactions per block + slow blocks. IN every given country, you have millions to billions of transactions daily. (LN is a solution)
- trans-border trades
- VAT, import, and other taxes (without fluctuating rates)
- 1001 more problems on a national scale

Adopting bitcoin can mean different things for different people, some people think of this as bitcoin replacing the fiat currency of the country but I personally I see it as bitcoin being accepted as legal tender and being accepted in the country alongside fiat currencies.

I think a good candidate for this is Venezuela, Venezuela has been facing economic problems for years and even its government seems to be using cryptocurrencies to avoid sanctions, so it is possible that in the future bitcoin could be made legal tender there during the next decade.

[TimeTeller]

With every passing day, we have been seeing more and more institutions and governments becoming forthcoming on the crypto scene. So, what do you think, which countries will take the adoption on a national scale and why?

I don't think that any country will adopt it on a national level any time soon.

Why? There are few obstacles:

- fee on every transaction (LN is a solution)
- MAX number of transactions per block + slow blocks. IN every given country, you have millions to billions of transactions daily. (LN is a solution)
- trans-border trades
- VAT, import, and other taxes (without fluctuating rates)
- 1001 more problems on a national scale

Adopting bitcoin can mean different things for different people, some people think of this as bitcoin replacing the fiat currency of the country but I personally I see it as bitcoin being accepted as legal tender and being accepted in the country alongside fiat currencies.

I think a good candidate for this is Venezuela, Venezuela has been facing economic problems for years and even its government seems to be using cryptocurrencies to avoid sanctions, so it is possible that in the future bitcoin could be made legal tender there during the next decade.

Yes, I think Venezuela has good crypto adoption already.
As I've read before on this link - https://www.coindesk.com/venezuela-pizza-hut-bitcoin-dash
They even are accepting dash, XPT, aside from btc as form of payment.
So maybe, they have a lot more shops or merchants that are now accepting crypto.
And we have the same opinion about adoption on a national level, I see it as being accepted as another legal tender not a competitor of their fiat.

[Wysi]

At this point of time I don't think anh country will accept Bitcoin at national level or encourage their citizens to use Bitcoin like any other digital payment method. Unlike other inventions or technology if Bitcoin is used at national level then t would be from developing nations or breakaway states instead of developed nations. If Bitcoin is used at national level there are merits and demerits of the usage as well which needs to be worked upon.

[TravelMug]

You mean countries like Japan and Australia who really adopt bitcoin in 2017?

Perhaps Nigeria in Africa, or Germany in Europe or other friendly crypto countries in Asia like Singapore perhaps. However, some countries know are hoping on the bandwagon, like creating their CBDC (Central bank digital currency). So it's really hard to imagine now adopting bitcoin in a national level because it will compete with their own crypto projects (although very much centralised).

[yhiaali3]

I think that the countries that will take the adoption on a national scale may be the countries that suffer from economic problems and sanctions imposed on them by the United States such as Venezuela and Iran, Bitcoin will help these countries get rid of the sanctions imposed on them and they are already using that at the present time, but Crypto has not been implemented It is officially accepted yet.

[Obito]

There have been countries that have became friendly to crypto already. Just like Malta.
Countries Are Using Malta To Expand Their Cryptocurrency Business

Good for Malta that they embracing the adoption of cryptocurrency. Malta is a perfect experiment for cryptocurrency adoption in economy because of its size, if Malta becomes successful, many countries will soon follow their steps. My guess would be countries that have a far more embrace to new technology will have the higher chance for them to adopt cryptocurrency.

[rokon1234]

In my opinion, if a country recognizes bitcoin nationally, that country will face some economic problems.However, if developed countries nationally recognize bitcoin, there will not be much economic problems.Through bitcoin recognition many countries will develop and one country can cooperate with other countries.