WHICH COUNTRIES COULD FOLLOW EL SALVADOR BY MAKING BITCOIN LEGAL TENDER?

[Johnlomape]

El Salvador may be the first country to adopt bitcoin as legal tender, but recent developments suggest that it might not be the last. Politicians in several other countries in Latin America have already expressed an interest, with some even adding bitcoin laser eyes to their Twitter profiles as a symbol of support for the cryptocurrency.

One such lawmaker is Paraguay Congressman Carlos Rejala, who hopes to pass a bill next month aimed at attracting crypto businesses. If it passes, the next step would be to present a second bill that would officially recognise bitcoin as legal tender.

“As I was saying a long time ago, our country needs to advance hand in hand with the new generation,” he said this week. “The moment has come, our moment. This week we start with an important project to innovate Paraguay in front of the world.” Panama politician Gabriel Silva responded to the news from El Salvador by warning that his country risked falling behind its regional neighbour in terms of economic development if it did not follow suit.

The Congressman revealed on Monday that he is currently preparing a similar proposal to present at the nation’s Assembly. “This is important. And Panama cannot be left behind,” he tweeted. “If we want to be a true technology and entrepreneurship hub, we have to support cryptocurrencies.”

https://www.independent.co.uk/life-style/gadgets-and-tech/bitcoin-currency-legal-tender-salvador-b1862655.html

[valentine wheeler]

El Salvador became the first country in the world to use Bitcoin as a legal currency. It has to be said that the president of this country became the first mover.

I think many countries in the world will follow suit, especially those with the following conditions.

• 
  The first is that countries with clean and cheap power resources can set up joint ventures to deal with the dominance of the US dollar and loans from the International Monetary Fund, which can achieve the effect of improving people’s lives and the stability of the country
  
  
• 
  The second is the underdeveloped countries, these countries are subject to the economic constraints of the United States, because the global transaction settlement system is still dominated by SWIFT. For example, China may completely ban mining, the purpose is more like the establishment of its own global digital currency system.
  
  
• 
  The third is that countries that are more friendly to Bitcoin, such as Barbados, Singapore and Malta, are pursuing digital asset-friendly policies to attract wealth and human capital. The innate support and friendliness of Bitcoin may be more open and active after someone tries it.
  
  

I sincerely hope that more people and sovereign countries will participate and contribute to the cause of Bitcoin.

[Kong Hey Pakboy]

Probably the big countries like Russia, USA or China because they have the influence and the population to really make a big difference in the market whether it's good or bad, it doesn't matter. We can also benefit if other small countries that are a tax haven can make bitcoin a legal tender because that's more profit for them and for everyone using their country as a tax haven.

[Tytanowy Janusz]

Coinmarketcap has released a list of countries with crypto as a Legal Tender (only El Salvador at this moment) and list named "Predict next country/region" where coinmarketcap community tries to guess the next country. So far Paraguay is top 1 with 73k votes. Next Venezuela (53k), Anguilla (31k), Panama (15k).
https://coinmarketcap.com/legal-tender-countries/

I think that Nigeria should be higher than top 13 since its country with the biggest crypto adoption in Africa. Dunno what their government says about crypto. Same with Philippines (top32)

[NeuroticFish]

list named "Predict next country/region" where coinmarketcap community tries to guess the next country

Each user(*) has "up to" 3 votes. It's not CMC trying to guess, it's more like a guessing game.
And that (*) was because most probably there are ways to cheat the game and get more votes if you "want to prove" anything.
All in all, it has no value.

I think that Nigeria should be higher than top 13 since its country with the biggest crypto adoption in Africa. Dunno what their government says about crypto. Same with Philippines (top32)

Get people vote them, if you think it makes any sense to spend time with that. 

[Tytanowy Janusz]

list named "Predict next country/region" where coinmarketcap community tries to guess the next country

Each user(*) has "up to" 3 votes. It's not CMC trying to guess, it's more like a guessing game.
And that (*) was because most probably there are ways to cheat the game and get more votes if you "want to prove" anything.
All in all, it has no value.

I don't think that manipulating this ranking has any value for anyone. Its just fun game for users. I didn't said that CMC is trying to guess. I said that CMC community tries to guess. So far top1 (Paraguay) seems to be the most likely scenario.

Get people vote them, if you think it makes any sense to spend time with that. 

As I said, manipulating this ranking has no value for anyone. I just think (my personal guess) that Nigeria, Philippines and maybe Cayman Islands are more likely than USA or India.

[NeuroticFish]

I don't think that manipulating this ranking has any value for anyone. Its just fun game for users.

We're on same page here.

I didn't said that CMC is trying to guess. I said that CMC community tries to guess.

OK, you're right.

So far top1 (Paraguay) seems to be the most likely scenario.

Yes and no. Imho this game has no value and the fact it got more votes it doesn't mean anything; hence it should not be seen as a most likely scenario.

Get people vote them, if you think it makes any sense to spend time with that. 

As I said, manipulating this ranking has no value for anyone. I just think (my personal guess) that Nigeria, Philippines and maybe Cayman Islands are more likely than USA or India.

After I was saying that it can be manipulated and this has no value, this last part was (by far) not meant to be taken serious.

And it's very hard to predict which country will be next. It doesn't relate that much to how big the community is, it is a political decision. I'd look for other countries with no own currency as possible candidates.
For example Marshall Islands were eyeing cryptocurrencies in the past (although not Bitcoin) or Malta ("Blockchain Island") now has Euro, but they can very well make a further step forward.
Of course, these are all speculations...

[YOSHIE]

As we know the United States, one of the countries that has the largest trading volume on crypto, for now, there is no action or sign that leads and follows what the country of El Salvador is doing in adopting bitcoin.

This needs to be reviewed on bitcoin regulations which have an impact on future taxation, from one side the adoption of Bitcoin the enacted law in El Salvador has a positive impact this week, there was a 6% increase to $35,000, meaning that's a good sign, of course other countries should judge about this policy.

Of course, what El Salvador is doing will have a positive impact on Bitcoin users, especially those who make transactions between countries, Even though El Salvador has adopted Bitcoin, we need to also see responses from other countries such as the United States, of course, because that country is the largest country for Bitcoin trading.

Of course this is a special concern for other countries, the effects that arise are the pros and cons of current El Salvador policies, Various positive and negative comments will fill the pages of electronic and print media in the future, but I hope this will be a good sign for Bitcoin users in the future.

[bitterguy28]

Coinmarketcap has released a list of countries with crypto as a Legal Tender (only El Salvador at this moment) and list named "Predict next country/region" where coinmarketcap community tries to guess the next country. So far Paraguay is top 1 with 73k votes. Next Venezuela (53k), Anguilla (31k), Panama (15k).
https://coinmarketcap.com/legal-tender-countries/

I think that Nigeria should be higher than top 13 since its country with the biggest crypto adoption in Africa. Dunno what their government says about crypto. Same with Philippines (top32)

Good to see that at least there are other countries in the top list in which not totally struggling for their economy Not like El Salvador and Venezuela in which we already knew what is the reason why they are pushing or even made it to make bitcoin as legal tender.
But Indeed that Nigeria does deserve to be at least in top 10 not in 13.

[bittraffic]

Probably the big countries like Russia, USA or China because they have the influence and the population to really make a big difference in the market whether it's good or bad, it doesn't matter. We can also benefit if other small countries that are a tax haven can make bitcoin a legal tender because that's more profit for them and for everyone using their country as a tax haven.

Russia had already rejected the Dollar which the currencies they only use for trading these days are EUR, Rubble, and Yuan. I think they may not be using Bitcoin any moment. The country is richer and most likely Putin can get away with initiating dedollarization in their country. China as we know had its own Digital yuan.

We can see how every country reacts to inflation coming from the printing of USD and Bukele's action is just one. Cuba is I think will also respond the same way. It's going to start with countries from Central America.

[Kong Hey Pakboy]

Probably the big countries like Russia, USA or China because they have the influence and the population to really make a big difference in the market whether it's good or bad, it doesn't matter. We can also benefit if other small countries that are a tax haven can make bitcoin a legal tender because that's more profit for them and for everyone using their country as a tax haven.

Russia had already rejected the Dollar which the currencies they only use for trading these days are EUR, Rubble, and Yuan. I think they may not be using Bitcoin any moment. The country is richer and most likely Putin can get away with initiating dedollarization in their country. China as we know had its own Digital yuan.

We can see how every country reacts to inflation coming from the printing of USD and Bukele's action is just one. Cuba is I think will also respond the same way. It's going to start with countries from Central America.

That's why I said that they have the biggest influence because they won't outright accept bitcoin as a legal tender. Hopefully, you are right that Central America will follow suit with implementing bitcoin as a legal tender although with their low population, I think that they won't be that influential in the market unlike if Asian countries like Russia, China and Singapore does the same thing.

[masterrex]

I think the Latin American countries like Paraguay and Panama are more likely to follow El Salvador's footsteps, Because it has strong support from its lawmakers, and also the tiny Pacific island nation of Tonga has also announced its plans to make Bitcoin a Legal tender, while in southeast Asia I can't see any act or attempt to recognized Bitcoin as legal tender, in fact, more Southeast Asian nation is pressing hard to regulate cryptocurrency use like trading, etc In my country, there is a designated zone for the crypto platform to operate, and currently, there are 12 Central Bank license crypto platforms in my country. 

[Lucius]

Probably the big countries like Russia, USA or China because they have the influence and the population to really make a big difference in the market whether it's good or bad, it doesn't matter.

Aren’t you aware that China banned crypto trading a few years ago and recently completely banned crypto mining? Don't you know that Russia is not a very democratic country, and Bitcoin is not something they want as a legal tender - because they need instruments to control people. In the end, do you think the US would ever admit that there is something better or at least about as good as their dollar? Your opinion that these countries will follow the example of El Salvador has no logic - these are the countries that will fight the most against such political decisions.


When we talk about El Salvador and their decision to declare Bitcoin a legal tender, then one thing is very important - the president and his party that has a majority in parliament have very easily implemented such a decision - while in some other Central and South American countries it is proposed by some congressmen or members of parliament. This is a very big difference, because getting a majority for such a law is not easy - and I think everyone will first want to see what it will look like on the example of El Salvador.

[cryptomaniac_xxx]

I guess Japan could be close to make bitcoin as legal tender, in fact If I'm not mistaken, they already categorically recognized it already. In any case though, maybe some neighboring countries around El Salvador could copy what they have been done in the past month and could be looking right now to make bitcoin as legal tender to some Central and Latin american countries. And specially if El Salvador becomes successful, maybe in the next couple of years, countries in Africa and Asia too might adopt it as well.

[Kong Hey Pakboy]

Probably the big countries like Russia, USA or China because they have the influence and the population to really make a big difference in the market whether it's good or bad, it doesn't matter.

Aren’t you aware that China banned crypto trading a few years ago and recently completely banned crypto mining? Don't you know that Russia is not a very democratic country, and Bitcoin is not something they want as a legal tender - because they need instruments to control people. In the end, do you think the US would ever admit that there is something better or at least about as good as their dollar? Your opinion that these countries will follow the example of El Salvador has no logic - these are the countries that will fight the most against such political decisions.

Of course I am aware but I am trying to weigh in the countries that will make bitcoin more relevant and influential and this nuclear powers are going to be the biggest ones if they were to hypothetically accept bitcoin as a legal tender. I mean OP didn't exactly have any criteria for the next country to accept bitcoin as a legal tender so I might as well go choose the most influential right?

[Lucius]

I mean OP didn't exactly have any criteria for the next country to accept bitcoin as a legal tender so I might as well go choose the most influential right?

It's not that you can't think in that direction, but if you want to be realistic then such thinking is baseless if you consider that all these countries you are talking about are world superpowers that fanatically protect their borders, political interests, and their currency. Bitcoin is interesting and acceptable to those countries that are in a situation where they have nothing to lose, and maybe they can gain something - and fortunately or unfortunately (depending on how we look at it) there are a lot of such countries.

I think a safe bet would be that the next country will be in the rank of El Salvador (economically), and many others that will follow their example.

[randegibran]

I think many countries.will follow el salvadol to.adopt bitcoin in.their country, maybe these.countries are Paraguay Colombia and some other latin countries.will adopt.bitcoin for legal payments.in their country and even that is.not impossible adoption.by countries.in Africa for the next few.years that will follow in.the footsteps.of countries.in Latin America and Central.America

[hd49728]

Small countries first because they are more flexible with their policies. With big nations, everything are more complex and policy-makers can not make such big policy adaption too fast and surprisingly.

The issues for small nations are whether World Bank, IMF and big nations (G7, G20) will accept legal tender from small nations. They will create pressure on small nations to reverse their legal tender policy.

[ropyu1978]

Actually, there are many countries that want to enter the crypto world, we will see that so far there are many countries that have open arms to legalize bitcoin, such as Japan, Paraguay, Finland and many other countries, we will see in the future whether countries that have given space to crypto currency, in the future will follow the steps of el salvador..

[stompix]

I don't think that manipulating this ranking has any value for anyone. Its just fun game for users. I didn't said that CMC is trying to guess. I said that CMC community tries to guess. So far top1 (Paraguay) seems to be the most likely scenario.

Paraguay just took one huge step back:
https://decrypt.co/75887/leaked-draft-bill-shows-whats-inside-paraguay-bitcoin-law

Besides, even the creator of the bill said he doesn't push for it as a legal tender:

“I was only pushing a bill to regulate cryptocurrencies for the daily use and adoption and not trying to make it a legal tender,”

Probably the big countries like Russia, USA or China because they have the influence and the population to really make a big difference in the market whether it's good or bad, it doesn't matter.

Those probably will be the last, I can see even the Vatican adopting Bitcoin before China. Be real, a country that relies heavily on manipulating the exchange rate of its currency to give that up and play by the rules? Do you think they would want to destroy their economy...for what?

For example Marshall Islands were eyeing cryptocurrencies in the past (although not Bitcoin) or Malta ("Blockchain Island") now has Euro, but they can very well make a further step forward.

That Blockchain Island just got raided by pirates  
It went downhill from last April:

At the end of April, however, as regulations swept the Maltese nation, 70% of the crypto companies in the sector had not yet sought licensing. Meanwhile, 26 crypto companies applied but none of the firms were approved.