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. 
Topic: Which countries do you think this year will adopt Bitcoin as a Legal tender? - page 2. (Read 521 times)
February 05, 2023, 05:49:50 PM
February 05, 2023, 01:27:13 PM
Surely it will be some small country. Large countries will not adopt Bitcoin any time soon.
February 05, 2023, 11:18:09 AM
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.
February 05, 2023, 11:00:17 AM
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
February 05, 2023, 09:59:10 AM
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.
February 05, 2023, 08:17:41 AM
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
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.
February 05, 2023, 08:16:19 AM
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.
February 05, 2023, 04:36:58 AM
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
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.
February 04, 2023, 05:59:30 AM
~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?
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.
February 04, 2023, 05:14:09 AM
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.
February 04, 2023, 05:05:41 AM
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
But countries with the worst economies need crypto the most, let's see what 2023 will prepare to us
February 04, 2023, 04:57:27 AM
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.
February 04, 2023, 04:57:04 AM
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.
February 04, 2023, 04:53:57 AM
Sometimes I feel like the USA is going to make Bitcoin a legal tender. But, I also understand that until the government doesn't change the man powers, it won't happen anytime soon. To make it legal tender, they have to understand what is Bitcoin and how it works. Why it is not like other crypto currencies that can be manipulated. The biggest problem is fear about Bitcoin. A whale or institute can manipulate the market anytime. No country want to get controlled by a specific person or a company. So, Let the Bitcoin spread more and more and one day big counties will adopt Bitcoin as legal Tender.
February 04, 2023, 04:43:29 AM
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.
February 04, 2023, 04:29:06 AM
In Europe, Georgia wants to become the new European "El Salvador". They are actually working on the project, I don't have an update about it since a moment.
They want to create a hub and a tax system specific to cryptos. Unfortunately their desire to enter the European Union will force them to comply with the current Mica law and the hard AML regulations of the EU.
It's sure to become a place where crypto will have a huge importance, the question of making BTC a legal tender is debated and not yet resolved.
I think Eastern Europe and Africa are the future of BTC in terms of adoption. People need and will need it because their national FIAT is not working well, I'm talking about the crypto environment globally,
I hope that small BTC havens like this will appear more and more, it solves a lot of unnecessary worries I think. In any case I wish success and stability to all the countries that will try the experiment. I'm looking forward to a country close to Europe to finally make BTC a common payment method in its territory
They want to create a hub and a tax system specific to cryptos. Unfortunately their desire to enter the European Union will force them to comply with the current Mica law and the hard AML regulations of the EU.
It's sure to become a place where crypto will have a huge importance, the question of making BTC a legal tender is debated and not yet resolved.
I think Eastern Europe and Africa are the future of BTC in terms of adoption. People need and will need it because their national FIAT is not working well, I'm talking about the crypto environment globally,
I hope that small BTC havens like this will appear more and more, it solves a lot of unnecessary worries I think. In any case I wish success and stability to all the countries that will try the experiment. I'm looking forward to a country close to Europe to finally make BTC a common payment method in its territory
February 04, 2023, 03:44:57 AM
I think we can safely add Indonesia as one of the country which will have their Legal tender passed on for the adoption of bitcoin this year.
No, that's not gonna happen even in the next 10 years. We have to approach the majority (religion, capability) beforehand to what extent Indonesia is really ready to implement bitcoin. Maybe I'm too pessimistic, but the actual speaking fact of bitcoin is still being debated[1] at many religious conferences in our country. The low capability of the population for matters related to e-finance is evidenced by the number of reports of online fraud[2] which is quite high from year to year.
1. https://www.trenasia.com/masih-jadi-perdebatan-apakah-aset-kripto-halal-atau-haram
2. https://www.cnnindonesia.com/teknologi/20211015085350-185-708099/kominfo-catat-kasus-penipuan-online-terbanyak-jualan-online
February 04, 2023, 03:18:35 AM
I would have said Tonga, but the natural disaster that occurred recently might have slowed down that process.
It's probably going to be a small country that uses a lot remittances. They would be tempted to stop paying those huge fees to American money transfer companies.
Probably the last one to join would be the US.
It's probably going to be a small country that uses a lot remittances. They would be tempted to stop paying those huge fees to American money transfer companies.
Probably the last one to join would be the US.
Though it is difficult to predict which country will adopt Bitcoin next, as it depends on various factors, such as government political will , regulations, public awareness and infrastructure. However, both Tonga and United Arab Emirates have shown some positive signs towards adoption of crypto currencies, and it will be interesting to see how the citizens and governments respond towards this emerging technology in future.
February 04, 2023, 01:51:01 AM
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
Pakistan has shown some interest in cryptocurrencies, including Bitcoin, and the State Bank of Pakistan has issued warnings and guidelines, However, the country has not yet legalized the use of Bitcoin. 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
Pakistani authorities expressed concerns about money laundering and financing of terrorism. At the same time, there is also a growing recognition of benefits that cryptocurrencies and blockchain technology has which help Pakistan in Difficult times
February 04, 2023, 01:34:32 AM
Do you then think that other countries would adopt Bitcoin?
My answer will be "Yes Definitely". Some counties are now financial issue and they should learn a lesson from El Salvador. Srilanka which recently defaulted should think about that. They can recover back if they take a big step here. Similarly Afghanistan should adopt Bitcoin as mean of asset.Quote
If yes, then which country would likely do it this year?
Country which has high number if BTC holder are Russia but it's seem they are not yet in mood of adopting Bitcoin so as already replied by many members that Tonga could be a next country to adopt BTC. I think Tonga or UAE could be next country to adopt BTC.As far as Tonga so their is much rumour about that especially cointelegraph BTC legal bill can be passed in before Q4 of 2023.
UAE is international place where all exchange licensed issued and world wide meeting held there. Awareness of BTC is spreading very fast here and this could lead BTC to be accepted as a legal render.
Jump to: