Can small countries in accepting bitcoin as legal transaction?

[Reatim]

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.

I think with the level of bitcoin right now, it’s more of the government who is against bitcoin rather than their citizens. You can find people of a country either neutral or in support of bitcoin but I have not seen much people who were totally opposed to the idea of bitcoin.

Even if most of the people in a country accept bitcoin, everything comes down to the decision of the government.

[laijsica]

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.

I think with the level of bitcoin right now, it’s more of the government who is against bitcoin rather than their citizens. You can find people of a country either neutral or in support of bitcoin but I have not seen much people who were totally opposed to the idea of bitcoin.

Even if most of the people in a country accept bitcoin, everything comes down to the decision of the government.

Bitcoin is now crossing a level where it does not expect any country to tender because it has its own acceptance. While citizens of most countries prefer to see it as a hedge. In the future it will be more aggressive. It is time for the government to clarify its own position beyond the decisions of the citizens.

[davis196]

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

Aren't you a bit late with this discussion? This has been discussed multiple times on the forum. The current year is 2024, not 2022.
Making Bitcoin a legal tender in a small and underdeveloped country won't change anything. It won't lead to mass adoption of BTC around the world and I don't think that will lead to mass BTC adoption inside that particular country. Small and underdeveloped countries simply don't have a big amount of rich and middle class people, who are willing to buy decent amounts of BTC. The people can buy BTC even if BTC isn't a legal tender. Making BTC a legal tender doesn't change anything.

[Mrbluntzy]

Bitcoin have been in the space for more than 14 year and since its existence every four years have always been for Bitcoin halving and bull market, following the Bitcoin halving and bull market, any body that is investing in Bitcoin needs to be aware already that Bitcoin bull market starts after every four years. The government needs to be aware of this before they can make Bitcoin a legal tender. The fear of the government is that Bitcoin is took volatile and that is true but if they learn about the Bitcoin history, they will all be aware of the right season to expect huge profit from Bitcoin which is going to be beneficial to the country economy.

[Hamza2424]

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

Hmm, buddy that's not possible maybe on some level people can be influenced to use Bitcoin for their payments but the government is not going to support maximum transactions in Bitcoin, because it will directly impact their tax, collection economic policies development, and their entire economic cycle Because movements manipulate the economy and the flow of money through banks to run the economy of any country in Bitcoin they won't have the power to do such things.

That's the reason, my perspective is governments are never gonna encourage such things. Yup there's some exceptions possible as well.

[HideYourKeys]

I hope they will... little by little, we will see next year. I hope that at least a couple extra countries will embrace it

[ChiBitCTy]

Yeah sure why not?  I think a lot of small countries are unlikely to do so.  I guess it all depends on who really runs that small country, if they are a truly sovereign nation, or if they are sort of the underlings of a larger nation, perhaps ones who's currency they already are using instead of having their own. 

Bitcoin means freedom and I love that El Salvador was willing to go above and beyond to be the first to do it.  Let's hope there's more.

[Zanab247]

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

Yes, other small country can accept BTC as legal tender in their countries, if their president or leaders have the knowledge of BTC because El Salvador president has the knowledge of BTC that made him to agree to make it legal tender in his country.

The most important thing that will make small country to make BTC legal tender, for their people to be using it to buy goods and services and pay with BTC, is when the government understood BTC and what BTC can do to the country that made it legal tender.

I guess many countries are making BTC legal tender in their countries, and it is adding value to their economy, which i know that many big and small countries will soon make it public for other countries to know that they have join.

[zaim7413]

Any country that is still experiencing economic difficulties must have a leader who has a mindset like Nayib Bukele, he dared to implement his admiration for Bitcoin and succeeded in convincing lawmakers to make Bitcoin a legal currency in their country. It takes approval from all government agencies to change the law so that Bitcoin is legally recognized and becomes the only currency that applies there.
There are literally a lot of considerations and challenges that must be faced if adopting Bitcoin as a legal currency because they do not have full control over Bitcoin. But if you look at how El Salvador's economy improved after recognizing Bitcoin as legal tender, all these challenges are not a scary reason for countries that want to improve their economy.

[Maus0728]

Most small countries need a lot of ways to make money, they don't have a lot of resources to make money for themselves after all so I'm really sure that if there's favors that can give you money, you're probably going to take that opportunity if you know that it will benefit your country as a whole, there's a reason why a lot of micro countries like Curacao, Virgin Islands, and most of the Caribbean countries are considered a tax havens and hotbeds for shell companies and bitcoin just so happens presents a big opportunity for these small countries, I don't think that they're going to pass up on the opportunity.

[armanda90]

Its not problem with small or bigger countries for accepting bitcoin become legal tender payment transaction, recently El Saavdor as the first country have been make bitcoin legal digital currency transaction not bigger country and have small population. But easily for El Savafor president how to make their parliament believing with bitcoin potential in the future and make it become legal payment transaction.
Small countries can adopt bitcoin as payment transaction and show the advantage of their country and make tourism come there by using bitcoin for payment currency.

Follow what did by  El Savador receiving all payment kinds in their country by using bitcoin and make easily for tourist visiting El Savador without convert their fiat fund to local transaction of El Savador.

[uneng]

but can other small countries follow in El Salvador's footsteps and what are the country's challenges in this regard?

Yes, every countries can follow El Salvador's footsteps also introducing Bitcoin as legal tender side by side with their local fiat currencies inside their territories. There must be just a desire from regulators regards this matter in first place. And that is already the first big challenge, because most regulators aren't interested in promoting Bitcoin to their local citizens, as it's not interesting for the lobbies, monopolies and oligarchs who run the countries.

A deep change of mindset is demand from individuals in order to make Bitcoin an attractive currency to be adopted as legal tender and used for real by a considerable portion of the citizens from a determined country. It's not an easy task, to say the truth. Lots of personal interests are involved, lack of education and conscience by the masses are another challenges which have to be faced.

Abusive regulations is also an issue when we talk about Bitcoin legal tender, because it's possible governments use this regulation as an excuse to overtax its citizens who make use of the cryptocurrency over their earnings.

There are many challenges ahead as this is still an unknown environment for most people and regulators.

[mindrust]

It doesn’t really make much sense to buy stuff using bitcoin anyway. The fees are usually damn high and credit cards are much faster and cheaper. Countries should accept litecoin instead because it functions better as a currency. Sure it is not as good as bitcoin as a store of value asset but nothing is perfect.

Whether small countries make crypto legal or not is not important too. As long as people can do p2p transactions, we don’t need any help from the governments.

[Z-tight]

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.

I don't think there is any chance for first world countries like the U.S or France to make BTC a legal tender, the chances are better with third world countries, but then there is the limitation of poor internet connection, poverty, limited knowledge, etc. I don't mind BTC not being a legal tender, as long as it is accepted as a means of payment, the status of legal tender may be asking for too much now, people should simply understand what BTC is, and spend it when they find merchants around them that accept payment in BTC.

[Ojima-ojo]

One of the major challenges with Bitcoin adoption by small countries is the international monetary fund, which is a global financial institutions who have put fear on countries about the dangers of Bitcoin adoption, just like how their attempt to discourage El Salvador on their Bitcoin adoption, aside from that we may likely be having higher Bitcoin adoption by governments.


Small countries will find things very hard if they go against IMF advice since most of them are not financially stable enough to stay off IMF loans, not knowing to them that Bitcoin is even there ticket to overcome financial dependent.

[seoincorporation]

The size of the country has nothing to do with their economy, a good example is the Vatican which is the smallest country in the world but has a solid economy. So, maybe you should talk about 3rd world countries instead of small ones.

And will be hard to see countries following the steps of El Salvador, no one is even trying. But i wish my country make from Bitcoin real money in a legal way because right now it is classified as a digital asset and the problem comes when we talk about taxes.

[Jegileman]

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.

When the government is already blinded by selfish interest, even the simplest of things that will benefit the whole nation will be termed scam, impossible or unrealistic projects. The bitcoin ecosystem have come so far that it is clear for everyone to see where it is headed and what it stands to be in the future for any country that gets to adopt it and makes it a legal tender. But we have been in this point for years because bitcoin is decentralised and if the government will want to have total control of it, then we are not anywhere close to se e the legal adoption of bitcoin to more countries or even globally.

The El Salvadoran president, Nayib Bukele has made a remarkable history for been the first country to make bitcoin a legal tender and open doors to more trade using bitcoin. He has envisioned the idea of bitcoin and anticipating for the day his decision will pay off for him. For optimist that he is and continues to accumulate more bitcoin, he will one day reap the fruits he has sow today. Knowing the pros and cons of what you’re investing into and still be optimistic about it is the best thing ever and this a commendable one by him. I can’t wait to see them being recognized as the hub of cryptocurrency globally.

[Belarge]

Bitcoin is now crossing a level where it does not expect any country to tender because it has its own acceptance. While citizens of most countries prefer to see it as a hedge. In the future it will be more aggressive. It is time for the government to clarify its own position beyond the decisions of the citizens.

Small countries can accept Bitcoin as legal means of making money but not all developing countries can survived in the long run. It's tough decision for the government of these developing nations because they sense dominate and surpassing their fiat currency if they make Bitcoin legal. Bitcoin is gradually surpassing the limits set up and this is good news for Bitcoin because it have successfully paved path for other crypto projects.

[Ale88]

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 that many other small countries sooner or later will follow El Salvador, especially those that have a currency that keeps losing value because of the inflation. Or even countries that want to start a de-dollarization process unless they want to use euro o yuan but it wouldn't make a lot of sense at that point.

[adpinbr]

Yes it is really possible for small countries to accept bitcoin and it is so much interesting just like the El Salvador, they actually did good for themselves. I will advise more countries if they possible they should engage because it will definitely help them and that is the truth but anyway  I really don't know much to say about this topic, but it is good anyway for more contribution to call me and I want to also know other people's opinion on this topic, I really that everyone intention is to make money that is how every country intention is to make money 21st century digital activities
Most of this top countries have already store bitcoin in different areas but they will not escalate it it will always be a secret because of their name but I know they are doing it for a reason