Topic: Which countries do you think this year will adopt Bitcoin as a Legal tender? - page 3. (Read 521 times)

It won't be a developed country with a legit FIAT currency probably. I wish Japan or South Korea was adopting bitcoin but it probably won't happen any time soon. A European country adopting bitcoin on the other hand would be super amazing. Even if it was a small country like Lithuania. That would create lots of opportunities for the bitcoin holders. The sad thing is the EU probably  won't let happen because they are mostly using the Euro and they don't want a competition especially when they are about to come up with digital Euro.

Well, here are a list of the countries that were most interested in Crypto currencies in 2022 :

https://ifamagazine.com/article/new-study-reveals-the-countries-most-curious-about-cryptocurrency-since-the-crypto-market-crashed/

So, if I had to take a wild guess.. I would say one of the countries in Africa might consider it, because a lot of them are struggling with their economy and we have already seen a country like Zimbabwe using it to protect their wealth against hyper inflation. 

Yes, you're right, here's the map for reference.



I was mostly thinking about Europe, US, and Oceania in my mind, but clearly there are some countries in which it could be problematic to use Bitcoin.

The main point that I wanted to express is that it's not a requirement to have Bitcoin as legal tender in order to use it. The map here shows way more countries than just El Salvador and CAR.

This is wrong, where the source if most countries in the world can use Bitcoin as a currency? most countries only accept Bitcoin as an asset for investment or trading [1] similar like stock or gold. Sure you might don't have any problem if you've trade Bitcoin via direct P2P with someone which doesn't care with laws or close with you, so they wouldn't report you to the court.

But if you have a business and Bitcoin legality status is still in grey area to accept as a currency, sooner or later you will need to face a problem. If you win you wouldn't get anything, but if you lose, they might ask to close your business.

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[1] https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory

Many, actually most countries in the world, accept the fact that people can buy and sell goods and services with Bitcoin instead of their own fiat.

The difference in making Bitcoin legal tender like El Salvador and CAF have done, is that in those countries you are basically forced to accept Bitcoin for payment of any debt.

That's the main difference. But you can use Bitcoin pretty much anywhere in the world as long as the other party also wants to use it. It's independent of what the country says regarding status of Bitcoin as legal tender.

We don't know which country will become the 3rd country to accept bitcoin as legal tender like El Salvador and the Central African Republic. But I think if any country accepts bitcoin, it will be a small country, 3rd world country, not a big country. I think accepting bitcoin at the national level will be like what is happening to us. Retail investors were the first to accept bitcoin, and over time, corporate, big investors also began to accept it. Similarly, poorer countries will accept bitcoin and then larger countries.

AFAIK, I've read a news that there's a likely that Tonga will really adopt bitcoin soon as a legal tender. And I don't know with such other countries that have bigger economies if they're going to do the same thing as what El Salvador did. Well, there are other nearby islands counties in Tonga, the Pacific Islands and one of them I think is Tuvalu. Those small nations are likely going to be the next ones as they will pass on that adoption if they see it as an effective way to attract more tourists come into their countries.

El Salvador's economic improvement is one sign. Since they accepted bitcoin as legal tender and invested in bitcoin, it can be said that the investment is not yet profitable for them as we are still in the bear season. But as their reports show that since they accepted bitcoin, their tourism industry has recovered and developed rapidly, so it can be said bitcoin has contributed to their economic development. Bitcoin is not yet profitable for them, but the benefits it offers are indisputable.

It would not be against the constitution of the United States (at federal level) if any estate of the union pushed to have any other legal tender than the USD?
I ask, because I assume there must be an explicit mention of the country legal tender in the constitution and we all know how people in the USA fiercely protect the articles of their social contract.

Still even if it was possible, it would likely never happen in USA, for obvious reasons.
At least, not this soon in the game.

Well, what do you expect?
Media outlets = controlled by the government. Financial institutions = controlled or at least has a huge relation with the government. Bitcoin = against what the governments are doing. Expect that they will be against it. Brainwashing at it's peak. .

TBH, it's hard to know which countries will make Bitcoin a legal tender. I mean during the 14 years of existence of it, only 2 countries accepted it as a legal tender but on the other hand, it's also good to see countries starting to accept it. Probably those small and developing countries are the ones who will start accepting it. First world countries might not have any interest on Bitcoin being a legal tender.

I have been hearing few more Latin American countries might start considering bitcoin as a legal tender, but I doubt they will do it anytime soon. And we won't be seeing any leading countries of the world taking such drastic decisions within a year. And with all the incidents and issues that arose last year with crypto currencies, countries will be more cautious about they next move regarding cryptos. But probably smaller countries like you mentioned might do it because it would be easier for them to regulate and finalize everything.

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.

I think the countries who have taken debt from the USA and are unable to pay the debt may adopt bitcoin much faster than the countries who are economically strong.

But then we see that a rich country like UAE / Dubai also support bitcoin which means that there is no hard and fast rule of which country can adopt bitcoin and which cannot.

Countries Which Allow Cryptocurrency As Legal Tender
Which Country Will Make Crypto Legal Tender Next?

Making Bitcoin legal tender in a whole nation means a big thing legally. Big countries with healthy finance will not have interest in making this. In contrast, small nations especially with their economic problems usually have more interests in such a big legal step.

If you want to guess what countries will enforce Bitcoin legal tender after El Salvador and Central African Republic, you must consider their economic and maybe social status. If the status is bad, it is higher chance to see legal tender in that nation.

It is difficult to predict which country might adopt Bitcoin as a legal tender next. Adoption of Bitcoin as a legal tender is a complex and controversial issue that involves many factors such as political, economic, and technological factors.

As for Tonga, while they have shown interest in Bitcoin mining using green energy, there is no official announcement or confirmed sources indicating that they are considering adopting Bitcoin as a legal tender. It is important to keep in mind that adopting Bitcoin as a legal tender involves significant regulatory and infrastructure changes, and the decision would likely be made after careful consideration and consultation with relevant stakeholders.

Paraguay is currently no go. Maybe one of the neighbors of El Salvador...

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.

Rumours of Tonga adopting bitcoin as legal tender come since the beginning of 2022. And there also rumours from a senator in the state of Arizona, USA, who is trying to push bitcoin adoption as legal tender as well. On the other hand, in St. Maarten's country, which is part of the Kingdom of Netherlands, there are plans on the parliament to adopt Tron as legal tender.

As we can see there are initiatives regards crypto adoptions in different minor countries and independent states of bigger nations, like US. However, we don't know yet how much support these initiatives have locally. The side who speaks against crypto adoption might be still more influent, especially after El Salvador adopted the measure, but saw bitcoin melting down, while the country continued acquiring more and more bitcoins. So far El Salvador is in loss on their btc investments and will be only able to recover it once btc returns to the 40,000$'s price range.

I believe IF a larger economy or country like the US/UK/etc. is really going to adopt Bitcoin as legal tender, that would happen in tandem with the introduction of smart laws that work in favor of the government in terms of tax collection optimization and overall insight into and control of financial activities, especially cross border activities. I don't see any of the major economies to just make Bitcoin legal tender without any accompanying laws or regulations. So I would say it is not just all about seeing "Bitcoin becoming legal tender" in isolation. Smaller economies might have a reason to take a gamble, like a real gamble when actually Bitcoin could make them rich at some point. That doesn't apply to the larger economies.

If you take the example of Tonga, their GDP was less than 500 million USD in 2021. Due to a massive bet on Bitcoin they could actually exceed their annual GDP during a decent Bitcoin bull run.

In such countries the goals concerning Bitcoin are usually completely different from those of well established economies. The well established economies want surveillance and control. Worse established economies might consider Bitcoin a good bet at this point from a wealth perspective.

Very difficult to tell who owns what, who knows what, who wants what and who might already be planning something big.

If I was the US government, wouldn't it be smart to first amass a ton of Bitcoin and then at some point in time declare it legal tender? That would certainly have a massive impact on the price.

Many things to consider and certainly an interesting question to think about. 

Browse the project a little!


Cross post from the Salvador topic:


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?