Can small countries in accepting bitcoin as legal transaction?

[Cryptomultiplier]

we know to be the first country in the world to officially accept Bitcoin as legal tender. This was followed by the President of El Salvador, Nayib Bukele, who announced that the government would start buying 1 BTC per day on November 16 2022, but can other small countries follow in El Salvador's footsteps and what are the country's challenges in this regard? This might be a very interesting discussion to see that so many people from small countries are interested in cryptocurrency, more specifically Bitcoin

I even learnt of El Salvador citizens receiving some amounts of BTC from the government for them to use as at the first time they adopted it.
Also, Lugano signed a memorandum of understanding with El Salvador until it recently adopted cryptocurrency as part of its nations currency and for use for payment processing that includes tax payments.
In addition Brazil still uses cryptocurrency and even accept it when the citizens use it to pay their taxes too as well as they have centres where cryptocurrency can be bought and traded too.

[AmoreJaz]

Any country small or big can make Bitcoin a legal tender. What they shouldn't do is have a unrealistic expectation that doing so will improve be the economy of their country and the standard of living is the citizens and they shouldn't restrict citizens to a certain platform like El Salvador did.
Sure, it will help the acceptance of Bitcoin if a top country makes it a legal tender and if it becomes popular among many countries, but that's about it.

In many countries it is already possible for businesses to accept Bitcoin as a means of payment and these are the businesses that see the value in it. Making it a legal tender means eveey business will be compelled to use it but may not see the value in it and may not get many users paying through that option.

That is true, don't think that a country will be progressive if they will make bitcoin as legal tender. Treat it the same as fiat, how people are using it for day to day transactions. Any country who will go into crypto doesn't mean their economy will improve outright. It still depends on their government how they are going to use the crypto market to their own advantage.

[BlackBoss_]

That is true, don't think that a country will be progressive if they will make bitcoin as legal tender. Treat it the same as fiat, how people are using it for day to day transactions. Any country who will go into crypto doesn't mean their economy will improve outright. It still depends on their government how they are going to use the crypto market to their own advantage.

Their nations and governments, central banks must make Bitcoin legal tender in their countries but at global scale, they will be challenged by IMF and other big countries. The world is still far from time when all or most countries adopt Bitcoin as legal tender for payments.

There is good achievement from El Salvador some years after they made Bitcoin legal tender and invested national treasury in Bitcoin.

The credit rating of El Salvador improved and it's good for their country.
https://tradingeconomics.com/country-list/rating
S&P Global: El Salvador 'B-' Long-Term Ratings Affirmed
Bukele Wins Big in El Salvador

[cryptoWODL]

we know to be the first country in the world to officially accept Bitcoin as legal tender. This was followed by the President of El Salvador, Nayib Bukele, who announced that the government would start buying 1 BTC per day on November 16 2022, but can other small countries follow in El Salvador's footsteps and what are the country's challenges in this regard? This might be a very interesting discussion to see that so many people from small countries are interested in cryptocurrency, more specifically Bitcoin

Smaller countries can also accept Bitcoin as legal tender, but many governments are not doing so because they feel they will have no control over it. Although there are more than 200 countries in the world, Bitcoin is still not legal in many countries. OP As you say El Salvador is the first country in the world to accept Bitcoin as legal tender. The Central African Republic (CAR) followed in their footsteps after El Salvador adopted Bitcoin as legal tender. After the Central African Republic accepted Bitcoin as legal tender on April 27, 2022 they were not able to sustain Bitcoin as legal tender in their country for long. As a result, just one year later on 2023, they canceled the acceptance of Bitcoin as legal tender.

However, even though El Salvador was the first country to adopt Bitcoin as legal tender, they have still managed to maintain Bitcoin as legal tender in their country mainly due to the tireless work and efforts of their country's President, Nayib Bukele. Nayib Bukele did not stop at just accepting Bitcoin as legal tender, he has implemented several important programs to make Bitcoin more popular and widespread in his country, one of which is teaching students about Bitcoin at the school level in his country. Furthermore Nayib Bukele promised his country to buy one bitcoin per day which is still continuing with the purchase of bitcoins.

[Dr.Osh]

I think it depends on a country's policy. If they really need it, then it is not a problem to accept bitcoin as a payment alternative. Apart from that, there are several countries that have more than 1 legal currency, so I think if a country's circumstances require that, I don't think it's a problem. However, all kinds of considerations must be made, because bitcoin also has a big risk because its price is unstable.

[kryptqnick]

I think that hypothetically, more countries can accept Bitcoin as legal tender. If a country is federalized enough or has special economic zones and doesn't want to accept Bitcoin as a whole, it's possible to adopt Bitcoin in specific regions as well, which I believe we've seen multiple times over the years (although I'm not sure it was called 'legal tender' there). If a country, big or small, is motivated to adopt Bitcoin due to low economic growth, high inflation or something like that, it can be done. But the motivation isn't very high for now, as it's not clear whether adoption by El Salvador was a success for that country.

[Kelward]

Regardless be it a small country or big country they can make Bitcoin as legal tender but they choose not to do and the reason is they will not have control over it which the government will never agree and moreover just one random though what if whales starts manipulating Bitcoin to the core? It will disrupt the economy.Bitcoin as a legal currency would be difficult.

Any country can adopt Bitcoin, as a legal tender, whether they're big or small, but I think that there's a reason why it's not happening yet, every country wants a centralized fiat currency that their central banks can regulate. As we know Bitcoin is decentralized and countries cannot control it, so I believe that it will be very difficult for many countries to adopt it whether they're a big or small country. As you noted, what if whales decides to manipulate it, how can a country be able to regulate it to suit their economy, this will not be an easy task. I think that Bitcoin, will function better as an alternative currency, to be used in p2p transactions, and it's massive adoption can make it the top digital cash, above every fiat currencies.

[moneystery]

that's possible if a small country accepts bitcoin as legal tender in their country. in fact it is a good solution for their country's economy. because by accepting bitcoin as legal tender, it will make it easier for them to be able to make bitcoin as their reserve asset and for various other purposes. because implementing bitcoin in small countries is much easier compared to larger countries, and it will not have too significant an impact on their country as a whole.

[God bless u]

we know to be the first country in the world to officially accept Bitcoin as legal tender. This was followed by the President of El Salvador, Nayib Bukele, who announced that the government would start buying 1 BTC per day on November 16 2022, but can other small countries follow in El Salvador's footsteps and what are the country's challenges in this regard? This might be a very interesting discussion to see that so many people from small countries are interested in cryptocurrency, more specifically Bitcoin

I think they should do that In order to break the power of these big currencies so that their financial condition can be made better. If they'll accept BTc for transactions then their country will flourish and they'll get better economical results.

But the big countries and super power will never want someone to have such independency they just want you to be their slaves thats why they have divided people into colonies and now they're ruling them easily.

[Helena Yu]

Of course, why not?

The only requirement to accept Bitcoin as legal tender is the government itself, there's nothing else you need to take care of.

In order to use Bitcoin, you need to have a device, electricity and money, if you only have one or two of these, you will not able to own and use Bitcoin.

But the big countries and super power will never want someone to have such independency they just want you to be their slaves thats why they have divided people into colonies and now they're ruling them easily.

It doesn't have to be the big countries, presidents in small countries also don't want to see a thing that could become a threat for them. Didn't you know if greedy presidents are mostly exist in small or poor countries?

[amihada]

It is difficult for Bitcoin to become a legal currency in a country, whether it is a small country or a large country, the government will not legalize Bitcoin because if Bitcoin is legalized, many governments will not get a fee from circulating money in their country. . At this time we must admit that the only rich people are those who sit on government benches both in my country and in your country. So for the reasons I mentioned, Bitcoin is difficult for the government to legalize.

[peter0425]

I think that Bitcoin, will function better as an alternative currency, to be used in p2p transactions, and it's massive adoption can make it the top digital cash, above every fiat currencies.

While people are pushing for bitcoin to be acknowledged by the government as it can finally legitimize bitcoin and cryptocurrency at large but the best way to use bitcoin is still without the involvement of the government or any third party institutions. It was the reason why bitcoin was created in the first place after all.

[Solokan]

Using BTC as a legal means of payment can of course be done by large or small countries, but of course in this case there are pros and cons because the price of BTC fluctuates so of course in this case it depends on the government policy of that country. because of course every country has its own rules.

Yes, in ElSalvador, the government really supports Bitcoin and the people can use BTC as a means of payment and the ElSalvador an government always buys BTC every day and of course, Elsalvador is now considered successful because the price of BTC is now high, so Elsalvador can definitely get big profits if all its BTC is sold. Now.

So my view is that countries big or small can use BTC as a means of payment as long as the government allows it. However, in some countries, BTC can only be used as an investment asset, so in this case it certainly depends on the laws that apply in that country.

[arwin100]

we know to be the first country in the world to officially accept Bitcoin as legal tender. This was followed by the President of El Salvador, Nayib Bukele, who announced that the government would start buying 1 BTC per day on November 16 2022, but can other small countries follow in El Salvador's footsteps and what are the country's challenges in this regard? This might be a very interesting discussion to see that so many people from small countries are interested in cryptocurrency, more specifically Bitcoin

I guess there's no other country for now will make bitcoin as legal tender since they would face a lot of challenges since their are big entities that will stop them. Since IMF is putting a lot of pressure to El Salvador and ask them to remove their implementation regarding on making bitcoin as their legal tender. Read this article written by bbc https://www.bbc.com/news/world-latin-america-60135552 also this one https://www.nasdaq.com/articles/imf-demands-changes-to-el-salvadors-bitcoin-law:-report they threaten El Salvador badly but their President didn't get afraid but to continue their plans. And now we see El Salvador surviving despite of those pressures they receive.

But I doubt there are other small countries could able to do that since their economy might get affected badly if IMF will also put the same or maybe larger pressure for what action they made towards bitcoin.

[Luzin]

Salvador's footsteps and what are the country's challenges in this regard? This might be a very interesting discussion to see that so many people from small countries are interested in cryptocurrency, more specifically Bitcoin

The country has the right to govern itself without interference from other countries. This includes in any affairs including Currency. The state has the right to make currency as a medium of exchange to crush the country's economy. But you need to know that every country sometimes has dependence on foreign countries so there are decisions that might make them not go well, including legalizing bitcoin as a currency.

Since the IMF has announced against the use of bitcoin, they even gave El Salvador a threat. The IMF or World Bank will not provide financial assistance to El Salvador. So many countries certainly think repeatedly because of this fear. So all countries can accept Bitcoin payments but there are risks that they have to get.  No one is able to intervene in the government of a country. CMIIW

Source: https://ww1.odu.edu/content/dam/odu/offices/mun/docs/4th-non-interference.pdf

[Marvell1]

I think that Bitcoin, will function better as an alternative currency, to be used in p2p transactions, and it's massive adoption can make it the top digital cash, above every fiat currencies.

While people are pushing for bitcoin to be acknowledged by the government as it can finally legitimize bitcoin and cryptocurrency at large but the best way to use bitcoin is still without the involvement of the government or any third party institutions. It was the reason why bitcoin was created in the first place after all.

But is there any way for bitcoin to become popular without government acceptance and recognition? Surely there is no way because this world is still under the control of the government, they are still the most powerful people.
If we want bitcoin to become popular, want bitcoin to be widely used or even become a global currency, the price we have to pay is loss of privacy, decentralization...

Satoshi tried to create a peer-to-peer currency to give us freedom, which is an admirable effort, but that doesn't mean it would succeed without problems. Just like bitcoin was not created to be an investment tool but why do we use it as an investment and if it did not generate profits would it have become as popular as it is today?

[Xril2024]

El Salvador is the first country in the world to accept Bitcoin as legal tender, but implementation is difficult.  Especially in third world countries.  Because the people of these countries are not easily familiar with the internet technology. With the change of time, almost all the countries of the world will become familiar with it.

[wtsimis]

No government can accept Bitcoin at will. Because the political context and the consensus with the opposition and the central bank determine the extent to which Bitcoin can be compatible with the economists of that country. El Salvador was the first to accept Bitcoin. But the people of that country took it easy. So the decision to accept Bitcoin has become easier. But one must first know how the people of any country view Bitcoin. Moreover, the use of Bitcoin must always be spread. Only then can the country accept Bitcoin through various legal channels.

[jrrsparkles]

The actual challenge is they have to educate everyone about Bitcoin which may even possible but on the hindsight it is a sign that their fiat system is failing which can endangering lot of their economy related things in the future when it comes to international trades and allies. However there are some countries accept Bitcoin as form of payment even without making it as legal tender for example income tax payments.

[RockBell]

I think it depends on a country's policy. If they really need it, then it is not a problem to accept bitcoin as a payment alternative. Apart from that, there are several countries that have more than 1 legal currency, so I think if a country's circumstances require that, I don't think it's a problem. However, all kinds of considerations must be made, because bitcoin also has a big risk because its price is unstable.

The government will decide what the fate of Bitcoin will be in that country in some countries it is legal and it is legal, and once it is not legal they are not stopping people from using it, and the issue of legal tender should be based on individual and not even the government because its agreement between the buyer and the seller so anyone can decide to start accepting bitcoin in their business, so it is an individual business, except for some countries that officially made a legal tender that on is a different case because the government made it official. almost every country has more than one legal currency but it will only be valid in some specific places.  a country will not just make it legal there has to be a lot of consideration made before implementing anything. because they will look at the economic benefits before making it official and making it a legal tender is good because there will be taxes and the government will make money from generating money from their.