Who's next to make bitcoin a legal tender?

[SmithWilliams4373]

It have being in the mind of many to ask who is next , since the year 2021 after El  Salvador made bitcoin a legal tender in their nation,  although other government remains cautious. So the is who is next to adopt.

[Nothingtodo]

It have being in the mind of many to ask who is next , since the year 2021 after El  Salvador made bitcoin a legal tender in their nation,  although other government remains cautious. So the is who is next to adopt.

El Salvador was the first country to recognize Bitcoin as legal tender. No country has made this bold, groundbreaking decision since. However, some countries have decided to create strategic reserves of Bitcoin, and some are already trying to implement it. A few days ago, the Kazakh parliament passed a positive decision regarding the strategic reserve of Bitcoin. However, it is not possible to say for sure whether all these countries will recognize Bitcoin as legal tender.

[Olamidetechie]

It have being in the mind of many to ask who is next , since the year 2021 after El  Salvador made bitcoin a legal tender in their nation,  although other government remains cautious. So the is who is next to adopt.

To me, acceptance is the remaining subject, if it could be acceopted around the world then we will have zero problem.

[stadus]

It have being in the mind of many to ask who is next , since the year 2021 after El  Salvador made bitcoin a legal tender in their nation,  although other government remains cautious. So the is who is next to adopt.

El Salvador was the first country to recognize Bitcoin as legal tender. No country has made this bold, groundbreaking decision since. However, some countries have decided to create strategic reserves of Bitcoin, and some are already trying to implement it. A few days ago, the Kazakh parliament passed a positive decision regarding the strategic reserve of Bitcoin. However, it is not possible to say for sure whether all these countries will recognize Bitcoin as legal tender.

El Salvador was the first, and the second was the Central African Republic (CAR). But both of them no longer treat Bitcoin as legal tender. In El Salvador’s case, it was mainly because of pressure from the IMF. And it makes sense, because when Bitcoin is legal tender it’s supposed to be accepted everywhere, but many businesses in El Salvador didn’t see accepting Bitcoin as convenient.

So I think it’s not really necessary for Bitcoin to be a legal tender to gain adoption. Even with its current status, adoption can still grow and that’s already good enough.

[Out of mind]

It have being in the mind of many to ask who is next , since the year 2021 after El  Salvador made bitcoin a legal tender in their nation,  although other government remains cautious. So the is who is next to adopt.

After El Salvador, no country has yet decided to legally accept Bitcoin for their country. However, there are many countries that are interested in investing in Bitcoin and are creating Bitcoin reserves to improve their financial position. Several countries have announced their intention to accept Bitcoin as a currency in their parliaments, but none have taken the risk like El Salvador, but we can expect that many countries will legally accept Bitcoin in the future. Although most countries are currently confident in Bitcoin and are planning to keep Bitcoin in their reserves, they can certainly legally introduce Bitcoin transactions in the country in the future.

[nemesis_incarnate]

What would it give to you to know who would go with the tender next?

Most would want just to have reserves of BTC

[BitGoba]

It have being in the mind of many to ask who is next , since the year 2021 after El  Salvador made bitcoin a legal tender in their nation,  although other government remains cautious. So the is who is next to adopt.

So far, two countries have declared Bitcoin as legal tender El Salvador and the Central African Republic.It’s likely that more countries will adopt Bitcoin as legal tender in the future, but it’s important to keep in mind that many nations have their own central banks that print their fiat currencies and finance their needs through this printing and monetary inflation.

In Western countries, banks and central banks are mostly private. There are individuals who hold a monopoly over money creation and who control the media, politicians, and many other aspects of society. They won’t easily accept losing their monopoly on creating money.That’s why it’s unlikely that sovereign states especially in the West, where a small group of bankers control the monetary systemwill declare Bitcoin as legal tender.

It’s clear that those who control the Western monetary system have decided to treat Bitcoin the way they’ve treated gold for hundreds of years.

[betswift]

El Salvador was the first, and the second was the Central African Republic (CAR). But both of them no longer treat Bitcoin as legal tender. In El Salvador’s case, it was mainly because of pressure from the IMF. And it makes sense, because when Bitcoin is legal tender it’s supposed to be accepted everywhere, but many businesses in El Salvador didn’t see accepting Bitcoin as convenient.

So I think it’s not really necessary for Bitcoin to be a legal tender to gain adoption. Even with its current status, adoption can still grow and that’s already good enough.

I agree, and smaller nations will always have the eyes of the IMF on them, because they love keeping status QUO as it is.

[MinoRaiola]

It have being in the mind of many to ask who is next , since the year 2021 after El  Salvador made bitcoin a legal tender in their nation,  although other government remains cautious. So the is who is next to adopt.

If you believe Coinmarketcaps overview, then it could be Paraguay. But these are just votes from users, so it is speculation: https://coinmarketcap.com/legal-tender-countries/. Maybe Venezuela would be next because they had very high inflation in the last years and the money was almost worthless. I think it will be another small country. I dont think it will be a large country. Or Argentina has a good chance. If there are 2-3 more, the others will quickly follow.

[Dunamisx]

It have being in the mind of many to ask who is next , since the year 2021 after El  Salvador made bitcoin a legal tender in their nation,  although other government remains cautious. So the is who is next to adopt.

Central African Republic has made Bitcoin a legal tender after El-Salvador, so basically now we have two countries where we have Bitcoin as a legal tender, any country can follow at their discretion at anytime, while we have a number of countries and organizations that have used bitcoin as their reserve currency, also, Bitcoin has been an acceptable and legal means of making payments in many countries, which all these have been part of what can give us more confidence that sooner, we can have more countries in adopting bitcoin as a legal tender.

[Merit.s]

After El Salvador, no country has yet decided to legally accept Bitcoin for their country.

Not only El Salvador, Central Africa Republic has also adopted bitcoin as a legal tender for approximately 11 months which was from April 27th, 2022 to March 23, 2023. El Salvador has also removed bitcoin as a legal tender due to the pressure from IMF based on the $1.4billion loan agreement. Currently, no country is using bitcoin as a legal tender because the US wouldn't allow that to happen.

Central African Republic has made Bitcoin a legal tender after El-Salvador, so basically now we have two countries where we have Bitcoin as a legal tender

Not anymore, it was in the past.
 

[Marvell1]

After El Salvador, no country has yet decided to legally accept Bitcoin for their country.

Did you forget the Central African Republic? They were the country that legalized bitcoin as legal tender after El Salvador, but they also quickly declared that plan a failure a year later. Similarly, after four years, El Salvador also deregulated bitcoin as legal tender.

However, there are many countries that are interested in investing in Bitcoin and are creating Bitcoin reserves to improve their financial position. Several countries have announced their intention to accept Bitcoin as a currency in their parliaments, but none have taken the risk like El Salvador, but we can expect that many countries will legally accept Bitcoin in the future. Although most countries are currently confident in Bitcoin and are planning to keep Bitcoin in their reserves, they can certainly legally introduce Bitcoin transactions in the country in the future.

You are right that many countries are expressing interest in adding bitcoin to their national reserves. But we need to be realistic that no country, government or parliament has any intention of legalizing bitcoin as a currency. Most just try to legitimize it as an asset, a commodity.

[Awaklara]

It have being in the mind of many to ask who is next , since the year 2021 after El  Salvador made bitcoin a legal tender in their nation,  although other government remains cautious. So the is who is next to adopt.

I think in the future, more countries may adopt Bitcoin to be used as a store of value, rather than as a legal tender. Countries that experience issues related to their currency exchange rates might consider Bitcoin as a solution to use. But for some large countries, it is highly likely that the adoption will be aimed at being a store of value.
Whatever happens, I think the progress will be good for the growth of Bitcoin's value, with adoption clearly expected to increase.

[avp2306]

It have being in the mind of many to ask who is next , since the year 2021 after El  Salvador made bitcoin a legal tender in their nation,  although other government remains cautious. So the is who is next to adopt.

Not only El Salvador announce to make Bitcoin as their legal tender before since Central African Republic make Bitcoin as their legal tender to https://crypto.news/bitcoin-btc-tender-central-african-republic/

Although don't have any information about what happen with their adaption but somehow after this country announce for this adoption no other countries follows what they did.

But to have an idea on which country maybe next will announce to implement this law try to see this list on of country which Bitcoin is legal https://www.demandsage.com/crypto-legal-countries/ and maybe one of these country would also do then make Bitcoin as their legal tender.

[Woodie]

Am sure with several super powers giving Bitcoin and other cryptocurrencies the green light, I think some countries will just recognize it without any announcements to avoid unnecessary attention because for some economies not doing well, this might be interpreted as an exit plan and politicians dont want their opponents scoring points...for as long as you use it and no fuzz around BTC, then you should be okay.

[stadus]

El Salvador was the first, and the second was the Central African Republic (CAR). But both of them no longer treat Bitcoin as legal tender. In El Salvador’s case, it was mainly because of pressure from the IMF. And it makes sense, because when Bitcoin is legal tender it’s supposed to be accepted everywhere, but many businesses in El Salvador didn’t see accepting Bitcoin as convenient.

So I think it’s not really necessary for Bitcoin to be a legal tender to gain adoption. Even with its current status, adoption can still grow and that’s already good enough.

I agree, and smaller nations will always have the eyes of the IMF on them, because they love keeping status QUO as it is.

Aside from that, Bitcoin isn’t really fit to be a legal currency because of its volatility. Not all businessmen would be willing to take that risk. It can’t just be wallet to wallet either, there has to be a 3rd party to make transactions faster and to minimize the volatility.

That’s why even big nations with strong regulations didn’t make Bitcoin legal tender. Take the US for example, its crypto policies have improved a lot, yet they still haven’t made Bitcoin an official currency.

[melinoe]

Am sure with several super powers giving Bitcoin and other cryptocurrencies the green light, I think some countries will just recognize it without any announcements to avoid unnecessary attention because for some economies not doing well, this might be interpreted as an exit plan and politicians dont want their opponents scoring points...for as long as you use it and no fuzz around BTC, then you should be okay.

It would only work in smaller countries, imo, all the rest would be fine with statements about working towards incorporating BTC further..

[tabas]

It have being in the mind of many to ask who is next , since the year 2021 after El  Salvador made bitcoin a legal tender in their nation,  although other government remains cautious. So the is who is next to adopt.

CAR should have been the next but they have pulled out that decision. IMHO, it doesn't matter anymore who is the next country to make Bitcoin as a legal tender. What matters to most of us is that they're not going to ban the usage of bitcoin on their jurisdictions. I think it's more important to have that setting with that idea rather than thinking of legal tender because we know that most countries wouldn't do that. It is that El Salvador's leader has got the balls than others.

[Free Market Capitalist]

CAR should have been the next but they have pulled out that decision. IMHO, it doesn't matter anymore who is the next country to make Bitcoin as a legal tender. What matters to most of us is that they're not going to ban the usage of bitcoin on their jurisdictions. I think it's more important to have that setting with that idea rather than thinking of legal tender because we know that most countries wouldn't do that. It is that El Salvador's leader has got the balls than others.

I agree. To begin with, I doubt there are many countries that are even considering it. If I had to bet, I would bet that in the next five years, no country will declare Bitcoin legal tender, as there is currently no significant demand from users requiring it, nor do I believe there will be in the future, as Bitcoin proves to be more useful as a store of value.

[SFR10]

Maybe Venezuela would be next because they had very high inflation in the last years and the money was almost worthless.

This is a great guess, but the internet penetration rate isn't that good in Venezuela ^{[roughly 62% only]}. IMO, any country that ticks the following boxes could be the next one:

• ✔ High inflation rate
• ✔ Good internet penetration rate ^{[80% and above]}
• ✔ Suffers from lots of sanctions