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

[NeuroticFish]

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.  

Ouch. Somehow I've missed that bit 

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[stompix]

Ouch. Somehow I've missed that bit  

Eh, I found about that just a few weeks ago when searching for news about Binance, news that is for real not good for bitcoin doesn't usually make the headlines around here.

Btw that poll is quite funny, it's obviously heavily biased due to demographics but I love the fact that Germany, which is on par with Russia and Pakistan, damn, what the hell do these 3 have in common to rank them like that, is still up 5x times compared to Estonia. Not that anything makes any sense since no country in the Eurozone could make a currency legal tender without a unanimous vote, so it's not like one country could get it before others.

102   Czechia lol...with Prague been labeled the capital of Bitcoin back in 2019, how the mighty have fallen  

Anyhow, it makes sense just as the Eurovision competition does.

[SFR10]

If I had to guess, I'd say Venezuela...

✔ High inflation rate
✔ High cryptocurrency usage
Having said that, I enjoyed reading the latter part of that article about "forming an economic alliance" and it makes perfect sense for El Salvador's neighboring countries to follow and do such a thing.

[Lucius]

If I had to guess, I'd say Venezuela...

I'm not sure that there is the political will for such a drastic change, and besides, with such a move, they would practically admit that their cryptocurrency (Petro) did not meet their expectations. So I think Venezuela may be the last of the Central and South American countries to declare Bitcoin a legal tender - even though we live in strange times, and the government there makes really strange decisions.

[LogitechMouse]

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.

Will not happen or at least these 3 countries will not make any move to make Bitcoin their legal tender especially China and we know already why right?

Paraguay is the first choice because their are some rumors that they want to follow what El Salvador did. If there will be a country that will do the same, for me it will be another low incomed country or at least not a first world or a second world country. I don't think that these huge countries will make it as a legal tender. Venezuela would be good too but base on their current status and the government, there are no signs or moves from them that they are doing it.

[ILuckyGuyI]

I've been hearing about some Latin American countries like Brazil, Paraguay etc. thinking about following El Salvador also. And if El Salvador makes a really good use of making Bitcoin legal tender in the future, then many countries may join it also.

[AicecreaME]

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. 

I agree. Most countries you have mentioned exhibit a high probability of adopting bitcoin and even making it their legal tender since their government officials are not really against it in the first place. Unlike those of countries that really seem like they abhor bitcoin and the whole cryptocurrency community in general. A country can consider bitcoin as a legal tender cannot happen overnight. Thorough research about its advantages and disadvantages is definitely needed so that they can create a roadmap of the things they want to achieve by establishing it.

[yazher]

With El Salvador worked things up about their new implementation system about Bitcoin, other countries have their eyes on them to see if they will have some positive progress regarding it. despite their country would not make any difference on the crypto market, they still pursue to give their citizens some options to invest on cryptocurrencies which might be the answer to give their economy a boost if ever they succeed on trying to make bitcoin legal in their country.

[cotton ball]

seeing the development of bitcoin, and bitcoin being the main topic in almost all news, and bitcoin is widely known by all circles, even some countries are discussing bitcoin to take the best steps, bitcoin is now trending everywhere, it is certain that many countries are want to take this opportunity, maybe paraguay will follow the steps of el salvador, because we know the paraguayan government never posts negative things about bitcoin..

[mrongoz22]

which country will follow el salvador's steps, I think it is most likely that paraguay will follow el salvador's next step, because we see the seriousness of their government about bitcoin, which always discusses bitcoin, and never prohibits their people from using crypto money, and banks Even there it doesn't prohibit crypto exchange... that's my opinion, if I'm wrong, please correct it, don't criticize it because I'm still new to this forum..

[Btcvilla]

Currently.there are quite a number of countries.that want to follow El Salvador's.steps to make bitcoin.transactions as a legal currency, maybe this is also very good and.most likely.will also be followed by the United States.as a country where the majority.of its.citizens also use crypto currency as a currency. one of their investments.in addition.to Paraguay who will also start their plan to use bitcoin as a legal currency, can't.this be the beginning of the revival of the cypto world in.the stock.market, this is very interesting for us.to wait for the continuation.process

[Woodie]

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)

This is shocking to me to find only  El Salvador on that list, thought we had more than this when we had some countries recognize crypto to be legal tender a couple of years back.
Today you telling the world only has one to be legal...Afaik Countries such has Venezuela , singapore, Japan are/should be  on that list if not then they are next in line.

[Tytanowy Janusz]

This is shocking to me to find only  El Salvador on that list, thought we had more than this when we had some countries recognize crypto to be legal tender a couple of years back.
Today you telling the world only has one to be legal...Afaik Countries such has Venezuela , singapore, Japan are/should be  on that list if not then they are next in line.

There is a difference to be legal to trade, legal to obtain (most of coutries) vs being legal tender (El salvador only). Being Legal Tender means that every person that accept payments (every single merchant, hairdresser, restaurant ... everything) have to have BTC wallet and accept BTC no matter if he likes it or not because... Its a legal tender. If he does not accept BTC - he is breaking the law.

"the act of tendering the payment in legal tender discharges the debt."
https://en.wikipedia.org/wiki/Legal_tender

Legal tenders in El Salvador - USD and BTC


https://en.wikipedia.org/wiki/El_Salvador

[7788bitcoin]

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.

I am not following these news and if other countries are planning to accept Bitcoin as a legal tender it is good for the market and it will legitimize for countries that are in two minds.

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.

Attracting cryptocurrency business will bring huge changes for their economy and the countries that are able to identity that will pass the bill so that they could attract business that will increase job opportunities and good for their economy.

[DoublerHunter]

The list of countries is quite large, but which country will actually do this? For some reason, I think that this will not happen soon.

^ It mentioned above, those countries that have a high inflation rate aginst dollar since BTC is backed on the dollar.
Most likely adoption and becomes legalization have come from a country that has a small community or even those from third-world countries.
Considering as a legal tender is very difficult and that is the reason, not all countries have decided about this. Because how can you force people to simplify paying tax since if they used crypto it is non-taxable. Nevertheless, let us better see and wait for what will happen next.

[sapnu]

There are plenty of countries that could potentially follow El Salvador's footsteps of regulating the use of bitcoin within their country. Nevertheless, there are a lot of things that is needed to be considered first before it could take place. Considering the damage the pandemic has brought to many countries economy, it might be difficult for one to suffice the requirements to allow the use of crypto. One of which is having a clean renewable energy source that could be very useful in mining. Another is the fear and doubt the citizens and the government might have which will make them afraid of taking a risk as they hear bad news about crypto all over the world.

[carrigan]

. China

China? I don't think that this will be one of the recent lists.
We know how China treatment to the crypto world. And how the countries look like playing with the crypto world. We even don't know what ban information will that country give again to Bitcoin and the crypto world.
And maybe another small country will be following? 

[ropyu1978]

There are plenty of countries that could potentially follow El Salvador's footsteps of regulating the use of bitcoin within their country. Nevertheless, there are a lot of things that is needed to be considered first before it could take place. Considering the damage the pandemic has brought to many countries economy, it might be difficult for one to suffice the requirements to allow the use of crypto. One of which is having a clean renewable energy source that could be very useful in mining. Another is the fear and doubt the citizens and the government might have which will make them afraid of taking a risk as they hear bad news about crypto all over the world.

very true as you said my friend, maybe many countries will accept bitcoin like el salvador did, but before they accept bitcoin in their country, they will definitely negotiate first with their cabinet, because the country definitely doesn't want to suffer losses and failure, because considering the risks that will be faced..

[Haunebu]

Small countries will probably follow in El Salvador's footsteps since they have more to gain than to lose by approving BTC as legal tender when compared to big countries which would adamantly oppose such a move for obvious reasons.

Also, proposals need to be approved to become laws which is a complicated process(Especially in the case of approving cryptocurrencies as legal tender).

[iTradeChips]

In my own opinion, I think the best countries that might be fully supportive of cryptocurrencies would be the smaller cash-strapped countries of Africa and Central Americas. And we are talking about millions and millions of people in these territories. Still, the only problem that I see is that all the supporters of cryptocurrency would be biased in favor of Bitcoin and would be hesitant in supporting other coins. But I think that is the job of the private crypto companies to ensure that all the other cryptos are covered.