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

[paid2]

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.

For taxes, in a place where BTC would be a legal currency, one could imagine a nominative wallet reserved for this use.
Governments would not automatically turn their countries into new tax havens because bitcoin would become the legal currency.

Even if I agree with you in principle, saying that no one can know how much BTC someone has is a bit optimistic in 2023. It is true for a minority of early-Bitcoiners indeed. But the vast majority of people use CEX. And having worked for a CEX, I can confirm that a huge number of addresses are forever linked to a KYC. The pseudonymity of BTC does not make it tax-proof for people who do not use any decentralized solution.

In a country where BTC is legal tender, you can receive your salary in BTC, your state aid etc. There is necessarily a traceability possible. I don't think any government is afraid of this, we are not talking about making XMR the legal currency of a country but BTC.

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[leeboy]

Sad to know that big countries will not adopt bitcoin anytime soon
But countries with the worst economies need crypto the most, let's see what 2023 will prepare to us

[John Abraham]

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.

Bro, It's not that easy. It's not how it works. While some officials are working, They won't be able to convenience the whole government. Because there are a lot of dick heads sitting on the boss's chair, young people are unable to make them understand how it works. The legal procedure takes years of years. El Salvador's case is different because their PM himself understands how bitcoin works, and he took steps to make it. For other countries, It's not going to happen easily. You have to understand the whole government, what is the benefit and what risks you could have.

[Lucius]

~snip~
The magical payment was made by just taking a loan from a different bank! But, those are tiny details, it doesn't really matter, right?  

It's not that it doesn't matter, it just doesn't fit into the agenda of those who want to believe that El Salvador has done something important in its economy by accepting Bitcoin as legal tender. 20+ years ago, that same country rejected its national currency and replaced it with the US dollar, and it's not like that made them a super country considering that they use the currency of the most economically powerful country in the world.

The success of a country is not only a strong and stable currency, but much more is the ability of the people who rule to know how to manage complex systems such as a country. Some seem to stubbornly refuse to understand that Bitcoin is not a magic solution in El Salvador or anywhere else in the world.

[Leviathan.007]

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 don't think there is any country right now that officially announced that they will start accepting bitcoin and adopt bitcoin for their country, at least I didn't see anything about it on the news. But from what I can see Indonesia is doing very well and they are getting progress in blockchain and bitcoin and cryptocurrencies in their country time after time, also I saw UAE accepting bitcoin for payment in many places and that's all about the Asian countries I know and I guess the next country will be an Asian country to embrace bitcoin.

[m2017]

Your guess might just be as good as mine, but one thing's for sure — it wouldn't be a major country like the US/UK/etc. A smaller country like Tonga(like you said) has a lot more incentive to take such risks compared to huge established countries.

In big countries, everything is already fine (almost) and they have no need to legalize bitcoin at home. For small countries, this is a rare and breakthrough opportunity to improve their well-being. But as you can see, few small countries are willing.

I have no idea which country can legalize btc this year, but I am sure, as mk4 said above, it will be a small and weak country that will take this step out of desperation. Indeed, this is a risk and it is not known how the legalization of btc will affect the economy of a small country and the attitude of big and influential countries towards them. The first investors in bitcoin took almost the same risk, and we know very well that those who were among the first are now very rich.

[yazher]

Sad to know that big countries will not adopt bitcoin anytime soon
But countries with the worst economies need crypto the most, let's see what 2023 will prepare to us

With the current high inflation rate, those countries will leave no choice but to accept their fate by adopting and making bitcoins legal tender in their countries if they wanted to save their economies. Most likely it would begin when they see some major success in El Salvador and they will gonna flock to announce their sudden U-turn to cryptocurrency when they feel they have been hit hard by inflation. This is the only way they make their country stable and they will not become like other countries that suffered so much that they are about to lose their national currency and instead use other countries' currency to save their economy.

[John Abraham]

With the current high inflation rate, those countries will leave no choice but to accept their fate by adopting and making bitcoins legal tender in their countries if they wanted to save their economies. Most likely it would begin when they see some major success in El Salvador and they will gonna flock to announce their sudden U-turn to cryptocurrency when they feel they have been hit hard by inflation. This is the only way they make their country stable and they will not become like other countries that suffered so much that they are about to lose their national currency and instead use other countries' currency to save their economy.

I am not sure how you conclude that adopting Bitcoin is the only way to save their economies. There are many things they can do except adopt Bitcoin as a legal tender. I am not a particular person about it, but I know how Bitcoin works. Yeah, They can make it legal and invest as well. But, They don't have to invest their country budget or big amount of money to Bitcoin just to save their economies. That's not how it works. They have to understand how it works and be aware of potential risk as well.

[Abiky]

Your guess might just be as good as mine, but one thing's for sure — it wouldn't be a major country like the US/UK/etc. A smaller country like Tonga(like you said) has a lot more incentive to take such risks compared to huge established countries.

Developed countries' economies are still "flowing" as usual, so they don't feel the need to adopt Bitcoin as an alternative to Fiat. Only developing countries do. I wouldn't care more or less, as long as Bitcoin reaches the masses worldwide. Even though developed countries like the US and UK haven't officially recognized BTC as legal tender, they've already embraced the "revolution" with open arms by regulating the industry. So I'd say Bitcoin is already winning in its battle against Fiat.

Slowly but surely, we'll see the list of developing countries adopting BTC as legal tender grow over time. I believe the next country to do this will be Mexico. Especially when a Mexican senator hinted the possibility of adopting BTC as legal tender. Another country on the brink of embracing Bitcoin with open arms is Brazil. It will be a big win for Bitcoin if these two countries alone do the move. Who knows if we're closer to "hyperbitcoinization" than we've ever thought before? Just my thoughts

[Die_empty]

Nigeria might be the next bitcoin friendly country. Please note I didn't say the next country to adopt bitcoin as a legal tender. We are expecting that a more open minded and enlightened President will be elected in this month's elections. Our hope is that the restrictions placed on banks would be lifted. This will attract more bitcoin investment in the country. I used to imagine how it will be like to use a Bitcoin ATM. I have never seen or touched it in my whole life. It will  be good to use Bitcoin without intimidation from corrupt law enforcement officers. Bitcoin will really bring boundless opportunities. Bitcoin is unpredictable, it will be difficult to predict the next country that will adopt this priceless asset as a legal tender, but I am sure it will be a developing economy.

[Ptb73]

Surely it will be some small country. Large countries will not adopt Bitcoin any time soon.

[n0ne]

Nigeria might be the next bitcoin friendly country. Please note I didn't say the next country to adopt bitcoin as a legal tender. We are expecting that a more open minded and enlightened President will be elected in this month's elections. Our hope is that the restrictions placed on banks would be lifted. This will attract more bitcoin investment in the country. I used to imagine how it will be like to use a Bitcoin ATM. I have never seen or touched it in my whole life. It will  be good to use Bitcoin without intimidation from corrupt law enforcement officers. Bitcoin will really bring boundless opportunities. Bitcoin is unpredictable, it will be difficult to predict the next country that will adopt this priceless asset as a legal tender, but I am sure it will be a developing economy.

The usage of Bitcoin and cryptocurrencies in Nigeria keeps increasing with time. This doesn't mean Nigeria gonna adopt bitcoin and other cryptocurrencies. As per the progress of cryptocurrency usage Nigeria stands high among the African countries, but till now the legality haven't been announced. Another thing, Nigerian government have launched e-naira just to limit the usage of cryptocurrencies within the country.

[Ayers]

Nigeria might be the next bitcoin friendly country. Please note I didn't say the next country to adopt bitcoin as a legal tender. We are expecting that a more open minded and enlightened President will be elected in this month's elections. Our hope is that the restrictions placed on banks would be lifted. This will attract more bitcoin investment in the country. I used to imagine how it will be like to use a Bitcoin ATM. I have never seen or touched it in my whole life. It will  be good to use Bitcoin without intimidation from corrupt law enforcement officers. Bitcoin will really bring boundless opportunities. Bitcoin is unpredictable, it will be difficult to predict the next country that will adopt this priceless asset as a legal tender, but I am sure it will be a developing economy.

The usage of Bitcoin and cryptocurrencies in Nigeria keeps increasing with time. This doesn't mean Nigeria gonna adopt bitcoin and other cryptocurrencies. As per the progress of cryptocurrency usage Nigeria stands high among the African countries, but till now the legality haven't been announced. Another thing, Nigerian government have launched e-naira just to limit the usage of cryptocurrencies within the country.

But the fact that the Nigerian government lifted the bitcoin ban shows that they are becoming more bitcoin-friendly than ever, they are gradually changing their views on bitcoin. The possibility of them accepting bitcoin becoming legal tender is unlikely but for them to accept bitcoin as a payment method or a commodity, I think it won't be too difficult for them. Nigeria will probably be the next to accept bitcoin, we can expect that.

[nullama]

In Australia there's a new reform in the making: https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/making-crypto-safer-consumers

It's mainly targeted to control all the alt coin scams, but it might affect Bitcoin as well.

Unsustainable business models used by some companies dealing in crypto assets have left consumers exposed.

I'm not sure they will make Bitcoin legal tender any time soon in Australia, but at least they seem to be quite friendly to Bitcoin.

Let's see what comes out of this.

[Yatsan]

Hard to guess. But let's just hope there will be more countries to do so whether big or small would be a great help in order for this technology's advantages to be more acknowledged. But on my end, I think it would be third world countries to do so because they are more likely to try new things which could generate profit. However, this industry would be difficult to be taxed which somehow creates a conflict with this guess of mine. Big countries on the other hand are quiet with adopting this industry as an alternative mode of payment probably because of the risks involved or they are just busy with more beneficial for their economy. Usage of this technology is still neutral to most countries, which is I think better than to be restricted. Let us just hope for a betterment in this industry as years would go by.

[crunck]

Surely it will be some small country. Large countries will not adopt Bitcoin any time soon.

That's for sure, we won't be able to tell which country will accept bitcoin as legal tender until they have an official announcement. But it's certainly a small, poor, third world country...not a great power. Great power has a developed economy, they don't need bitcoin. Like the early investors in bitcoin were mainly small investors hoping to get rich with a small amount of money.

[John Abraham]

Surely it will be some small country. Large countries will not adopt Bitcoin any time soon.

That's for sure, we won't be able to tell which country will accept bitcoin as legal tender until they have an official announcement. But it's certainly a small, poor, third-world country...not a great power. Great power has a developed economy, they don't need bitcoin. The early investors in bitcoin were mainly small investors hoping to get rich with a small amount of money.

Which country are you talking about? Which one is a third-world country? Why do you believe only small countries with poor economies will adopt Bitcoin as a legal tender? Why not a Country like Russia? The world abandoned Russia due to the war they were involved in. Don't you think Bitcoin could be financial freedom for them? They get the benefit of Bitcoin during the war. Poor countries with poor economies won't dare to invest in Bitcoin because of its volatility.

[Lucius]

Which country are you talking about? Which one is a third-world country? Why do you believe only small countries with poor economies will adopt Bitcoin as a legal tender? Why not a Country like Russia? The world abandoned Russia due to the war they were involved in. Don't you think Bitcoin could be financial freedom for them? They get the benefit of Bitcoin during the war. Poor countries with poor economies won't dare to invest in Bitcoin because of its volatility.

Do you really think that under this kind of political leadership, Russia would ever decide to accept something like Bitcoin? I can't imagine that in any realistic scenario, and personally I don't want something like that to happen at a time when that country is carrying out open aggression and occupation of an internationally recognized country.

Bitcoin as a "legal tender in Russia" would mean that it would very likely be blacklisted and sanctioned by the West, and that is not exactly something that would suit the majority who just want to see the price of the same thing as high as possible. As far as I know, Russia does not have any benefits from Bitcoin, but Ukraine accepted donations in Bitcoin from the first day and the total amount of donations is 646,80424950 BTC

Maybe Ukraine could be a good candidate for the European El Salvador?

[kryptqnick]

If it was a question about something more long-term than a single year, I think it would be easier to pick a list of potential countries, based on those that are already exploring the crypto-friendly approach, but are doing it slowly and probably won't make Bitcoin legal tender this year.
Predicting the next country is really hard, as decisions can be surprising, as it was with the Central African Republic, which doesn't really have enough Internet coverage for proper adoption IMO.
I won't try guessing a country, but I think the region of Latin America has high prospects in this regard. The president of Argentina said in 2021 that he's open to the idea of Bitcoin as legal tender, and Brazil is already pretty close to BTC as legal tender as well.

[nullama]

If it was a question about something more long-term than a single year, I think it would be easier to pick a list of potential countries, based on those that are already exploring the crypto-friendly approach, but are doing it slowly and probably won't make Bitcoin legal tender this year.
Predicting the next country is really hard, as decisions can be surprising, as it was with the Central African Republic, which doesn't really have enough Internet coverage for proper adoption IMO.
I won't try guessing a country, but I think the region of Latin America has high prospects in this regard. The president of Argentina said in 2021 that he's open to the idea of Bitcoin as legal tender, and Brazil is already pretty close to BTC as legal tender as well.

Yeah, I think Argentina could be interesting. I doubt it will happen though, but since they have a massive debt with the IMF, they have at least some incentives to adopt Bitcoin.

But it's complicated, who knows what will happen.