Which countries do you think this year will adopt Bitcoin as a Legal tender?

[nullama]

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.

[adzino]

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 might adopt Bitcoin. They have already shown interest in Bitcoin as they would like to mine it using the green energy 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 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.

[LogitechMouse]

~
Every mainstream media outlets controlled or financed by the big financial institution were against them when they adopted Bitcoin as a legal tender.

Well, what do you expect?
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. .

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.

[Hispo]

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.

[Iranus]

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.

[tabas]

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.

[Marvell1]

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.

[nullama]

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.

[Despairo]

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.

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

[nullama]

~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.



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.

[Kakmakr]

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. 

[mindrust]

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 might adopt Bitcoin. They have already shown interest in Bitcoin as they would like to mine it using the green energy 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.

[MFahad]

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.

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.

[HONDACD125]

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 might adopt Bitcoin. They have already shown interest in Bitcoin as they would like to mine it using the green energy 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

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.

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

[Sayeds56]

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.

[rat03gopoh]

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

[paid2]

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 

[Nrcewker]

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.

[John Abraham]

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.

[Sebas.tian]

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.