Small island countries might probably be the next ones.
Fiji for example just elected Sitiveni Rabuka as their prime minister, and he seems Bitcoin as a positive thing.
And in Tonga, Lord Fusitu'a, a former MP there, is convinced his country will adopt Bitcoin as legal tender at some point. They had some natural disasters that probably slowed down progress, but it's there.
Topic: Which countries do you think this year will adopt Bitcoin as a Legal tender? (Read 509 times)
March 05, 2023, 05:49:19 PM
March 05, 2023, 06:50:46 AM
Not every small country has hyperinflation you know. Inflation rate in El Salvador is similar (or slightly lower) than in many European countries.
And no sane country will ever replace their national currency with Bitcoin (unless in some financial system collapse emergency scenario), they could only introduce it as an additional legal tender to attract tourists and investors. But you want to be able to control your national currency and you want it to have a small, healthy inflation rate.
And no sane country will ever replace their national currency with Bitcoin (unless in some financial system collapse emergency scenario), they could only introduce it as an additional legal tender to attract tourists and investors. But you want to be able to control your national currency and you want it to have a small, healthy inflation rate.
I was not aware about that. Thanks for clarifying. I guess El Salvador decided to go ahead and adopt BTC as legal tender just to help support its healthy economy. It was a very smart move by President Nayib Bukele, as that will help attract tourism into the country. Being the first one to officially announce BTC as legal tender, would give it an "edge" over other countries in the future. The proposed "Bitcoin City" with geothermal PoW mining could turn El Salvador into a "crypto paradise". Other small countries are beginning to consider doing the same, paving the way towards full-fledged adoption of BTC in the mainstream world.
I'd say it's a wild guess to say which will be the next country that will adopt BTC as legal tender. It really doesn't matter which one will it be as long as it benefits Bitcoin in the long run. Who knows if we get lucky by being early adopters of the revolution? Just my thoughts
March 02, 2023, 05:42:29 PM
Small countries adopt Bitcoin as legal tender because they really have no other choice. Their economies are weak thanks to ever-increasing inflation rates. Bitcoin cannot be debased due to the way it was designed, so it proves to be the perfect solution for developing countries trying to battle the negative effects of inflation. We should expect countries within the Latin-American region to make the move soon. The more of them there are, the better for Bitcoin.
Not every small country has hyperinflation you know. Inflation rate in El Salvador is similar (or slightly lower) than in many European countries.
And no sane country will ever replace their national currency with Bitcoin (unless in some financial system collapse emergency scenario), they could only introduce it as an additional legal tender to attract tourists and investors. But you want to be able to control your national currency and you want it to have a small, healthy inflation rate.
March 02, 2023, 05:16:13 PM
Small countries adopt Bitcoin as legal tender because they really have no other choice. Their economies are weak thanks to ever-increasing inflation rates. Bitcoin cannot be debased due to the way it was designed, so it proves to be the perfect solution for developing countries trying to battle the negative effects of inflation. We should expect countries within the Latin-American region to make the move soon. The more of them there are, the better for Bitcoin.
Not every small country has hyperinflation you know. Inflation rate in El Salvador is similar (or slightly lower) than in many European countries.
And no sane country will ever replace their national currency with Bitcoin (unless in some financial system collapse emergency scenario), they could only introduce it as an additional legal tender to attract tourists and investors. But you want to be able to control your national currency and you want it to have a small, healthy inflation rate.
March 02, 2023, 04:24:10 PM
After reading what's happening in Nigeria I could see other countries thinking twice about going the route of the CBDC.
Maybe some small country with a forward thinking leader might see this as an opportunity, and go ahead with Bitcoin instead.
I think a country like Tonga might be the next one to make it legal tender, because they have to pay a lot of fees in remittances.
Maybe some small country with a forward thinking leader might see this as an opportunity, and go ahead with Bitcoin instead.
I think a country like Tonga might be the next one to make it legal tender, because they have to pay a lot of fees in remittances.
Small countries adopt Bitcoin as legal tender because they really have no other choice. Their economies are weak thanks to ever-increasing inflation rates. Bitcoin cannot be debased due to the way it was designed, so it proves to be the perfect solution for developing countries trying to battle the negative effects of inflation. We should expect countries within the Latin-American region to make the move soon. The more of them there are, the better for Bitcoin.
It would only be a matter of time before developed countries like the US and UK do the same. If the whole world embraces Bitcoin with open arms, "hyperbitcoinization" will be realized. Who knows if we're closer to the "Bitcoin Standard" than we've ever thought? Just my opinion
February 12, 2023, 01:40:07 AM
After reading what's happening in Nigeria I could see other countries thinking twice about going the route of the CBDC.
Maybe some small country with a forward thinking leader might see this as an opportunity, and go ahead with Bitcoin instead.
I think a country like Tonga might be the next one to make it legal tender, because they have to pay a lot of fees in remittances.
Maybe some small country with a forward thinking leader might see this as an opportunity, and go ahead with Bitcoin instead.
I think a country like Tonga might be the next one to make it legal tender, because they have to pay a lot of fees in remittances.
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February 11, 2023, 09:42:59 AM
It is actually difficult to predict which country would be the next to add bitcoin as a legal tender after El Salvador and the central African Republic did it, but if i should guess now, i would go for Brazil, this is because late last year or maybe early this year, i cant remember vividly now, the country approved bitcoin as a means of payment for goods and services in the country, though the bill, according to the news at the time, was yet to be signed by the president, and also, there was no mention of whether the country is declaring bitcoin a legal tender or not, but my guess is that, that is where the whole thing is driving to.
February 11, 2023, 09:33:24 AM
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 scene 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?
Well, I don't know about Mr. Putin. I am not from Russia and I am not aware of their political culture. Let's escape the Political things. I don't know if any geniuses in the Russian Government can try to make them understand how Bitcoin works and how they can get benefited from Bitcoin. About Adoption, Do you think that western countries will blacklist bitcoin If Russia make it a Legal Tender? If so, why do you think so? Bitcoin has been banned multiple times in many countries and people said Bitcoin is dead and it wasn't true. It won't be true.
February 10, 2023, 01:03:51 PM
Previously there were still many who were sure about Paraguay which would follow, but this seemed to have disappeared from monitoring and the news at this time seemed to have been swallowed up by the earth. but no one really knows about it, that's for sure, for now it's impossible for large countries to adopt bitcoin because this will obviously shake things up, but that doesn't mean there won't be, it's just that it's possible for small countries, I think there will still be at least 1 or even more.
I heard Tonga has also become interested about bitcoin being a legal tender so if there’s one country that would adopt bitcoin, most likely it’s Tonga I guess. But until now, there’s no confirmation about that. But definitely, it’s not big and developed countries who will adopt bitcoin because it will be a big threat to their own government. So let’s just wait for a year or two, I’m sure we will be surprise again what country it is just like how El Salvador had surprised us. 
February 10, 2023, 07:47:01 AM
Do not try to focus on the number of countries that will adopt Bitcoin, because whenever global adoption occurs, we will hear daily of more countries that will adopt Bitcoin, which is something that individuals need to adopt first, and then the currency will find acceptance in the major economies, and then it will be a matter of time.
So the matter will happen like dominoes, as soon as a country begins to do so, all countries will continue to do so.
So the matter will happen like dominoes, as soon as a country begins to do so, all countries will continue to do so.
February 10, 2023, 07:43:08 AM
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.
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.
I think mainstream countries are waiting until BTC turns bullish to adopt it as legal tender. Especially those within Latin America. Don't expect developed countries to make the announcement anytime soon, especially when their economies are still going strong. Most of them are approving friendly legislation towards Bitcoin, but they're still skeptical about it due to its unstable nature.
As I've said before, it's possible both Mexico and Brazil will become the next countries in adopting BTC as legal tender. This will be big, considering they're one of the major economies in the world. With Bitcoin getting the attention of mainstream governments, it's likely "hyperbitcoinization" will become a reality sometime in the future. Who knows if this is the beginning of the end for Fiat? Just my opinion
February 09, 2023, 10:37:27 PM
There are have many issues with the next countries adopted Bitcoin as legal tender transaction between Brazil and Argentina, both Latin America countries have close issues the will adopted Bitcoin as legal transaction actually Brazil's parliament have made vote about who agree and disagree for adopting Bitcoin.
I hope my country will adopt and make Bitcoin as legal tender after last six months have earn benefic and taxes commission with huge fund, but little possibility because my government not has respect with take care about taxes commission only without give beneficial feedback for cryptocurrency user. I don't know how long with my country regulation earn profit and commission from taxes only without allowed Bitcoin accepted as legal payment currency transaction.
I hope my country will adopt and make Bitcoin as legal tender after last six months have earn benefic and taxes commission with huge fund, but little possibility because my government not has respect with take care about taxes commission only without give beneficial feedback for cryptocurrency user. I don't know how long with my country regulation earn profit and commission from taxes only without allowed Bitcoin accepted as legal payment currency transaction.
February 09, 2023, 10:11:28 PM
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.
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.
February 09, 2023, 10:45:14 AM
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.
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.
February 09, 2023, 10:26:30 AM
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?
February 09, 2023, 09:41:28 AM
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.
February 05, 2023, 10:11:58 PM
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.
February 05, 2023, 06:58:13 PM
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.
February 05, 2023, 06:25:55 PM
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.
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.
It's mainly targeted to control all the alt coin scams, but it might affect Bitcoin as well.
Quote from: https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/making-crypto-safer-consumers
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.
February 05, 2023, 06:15:49 PM
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.
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