I don't think that it's necessary for bitcoin to be considered the legal tender currency of a country, in order for it to be successful. Bitcoin's value derives from the fact that it is decentralized and has a limited, hard coded supply. Not because a government says that it has to be accepted for payments of debt and taxes. Obviously, if they want to, it can be done.
Currently, I honestly don't see any countries doing this.
What I think you mean is them using blockchain technology to create their own cryptocurrency, and moving all payments on-chain. As you mentioned, venezuela is already trying to push for this, and it is possible. China and Russia seems to be investigating into this as well, so they could potentially be next. But it's important to note that these are all still fiat currencies, just in a different form.
Topic: Which countries will end up adopting crypto as legal tender first? (Read 287 times)
June 25, 2018, 05:17:15 AM
So far we have Venezuela proposing the petro. Russia is proposing their own. I know Estonia is very crypto and tech friendly.
Where else>
You can immediately exclude Venezuela and Russia from your list. These authoritarian States will never have a chance to be recognized in a free cryptocurrency world. I do not believe that the state cryptocurrency can be successful. The main reason for the popularity of cryptocurrencies is their decentralization. Where else>
June 25, 2018, 05:11:45 AM
So far we have Venezuela proposing the petro. Russia is proposing their own. I know Estonia is very crypto and tech friendly.
Where else>
There are now many countries who has legalised crypto in their nation, and I think it all depends on the the consideration of potential of bitcoin. As we all know that the bitcoin always has the potential to be very great and it depends on which country consider that potential. As you stated that Venezuela, Russia , Estonia has legalised crypto currency and I know that Florida, South Korea are two countries that has also legalised crypto and all these has experienced increase in their GDP and boost in their development.Where else>
June 21, 2018, 04:11:06 AM
So far we have Venezuela proposing the petro. Russia is proposing their own. I know Estonia is very crypto and tech friendly.
Where else>
There are now many countries who has legalised crypto in their nation, and I think it all depends on the the consideration of potential of bitcoin. As we all know that the bitcoin always has the potential to be very great and it depends on which country consider that potential. As you stated that Venezuela, Russia , Estonia has legalised crypto currency and I know that Florida, South Korea are two countries that has also legalised crypto and all these has experienced increase in their GDP and boost in their development. Where else>
June 12, 2018, 08:31:23 AM
So far we have Venezuela proposing the petro. Russia is proposing their own. I know Estonia is very crypto and tech friendly.
Petro and other state shitcoins are not cryptocurrencies, they are completely centralized state-owned electronic money, and you are very naive to think that any government in the world would create something truly decentralized.
As for which country would recognize cryptocurrencies as legal tender, by bet is on Switzerland, as it seems to be the most libertarian country in the world. The other possibility is if some third-world country would do this as part of the plan for rapid economic development based on transparency and openness.
June 12, 2018, 07:55:45 AM
I would advocate for some EU countries to adopt a parallel tetherd crypto that they deflate and counter negative effects of having no control over the EUR. Italy prime candidate right now.
June 12, 2018, 07:55:05 AM
maybe swiss country, swiss is country with the best level of security in this world. bitcoin less attention by the governments of developed countries such as the United States.
June 12, 2018, 07:50:05 AM
I too believe that Venezuela will make its legal adoption at the earliest, because the country's higher authorities have found it an opportunity to get rid of the financial crisis. Also there continued involvement into cryptocurrency confirms they have initiated the plan of adopting. Next is Russia, and further European nations will adopt as people have the mentality to accept and adopt to technology easily.
we know that Venezuela is a country that is experiencing an economic crisis. and i think the right choice is to use cryptocurrency, although now it has not seen the effect, but it will definitely improve and the country will certainly be free from the crisis June 12, 2018, 07:41:51 AM
In the next few decades new countries will arise with no physical land. Think Estonias E-Citizenship but levelled up a few times
June 12, 2018, 05:51:18 AM
I too believe that Venezuela will make its legal adoption at the earliest, because the country's higher authorities have found it an opportunity to get rid of the financial crisis. Also there continued involvement into cryptocurrency confirms they have initiated the plan of adopting. Next is Russia, and further European nations will adopt as people have the mentality to accept and adopt to technology easily.
June 12, 2018, 05:48:05 AM
It seems to me that those who have accepted the currency will be more than those who categorically forbid. And how do you think who exactly will not accept and will put for cryptocurrency? For example, I am sure that India will consider the decision and refuse the ban.
June 12, 2018, 05:44:36 AM
I think the. Swedes and the Japanese will be the first ones there being that they're both technologically advanced and economically they have the resources to do so. Besides, they're very open to using crypto currency in their countries so after they see the ease to whicn the transactions are done then they'll adopt right away.
June 12, 2018, 05:30:16 AM
So far we have Venezuela proposing the petro. Russia is proposing their own. I know Estonia is very crypto and tech friendly.
Where else>
Where else>
suppose about Russia you too much harry ap
because of last low and actions more against crypto
April 18, 2018, 12:53:26 PM
Should be looking for small countries that have a strong economy and don't have a lot of financial relationship with other countries.
Don't look for countries that have a poor economy, the government are trying to save their currency, and accepting bitcoin as a legal tender may just do the opposite.
Japan is an example for such a country, it's not really small but it doesn't have a lot of financial relationship with other countries and also have a very strong currency.
Don't look for countries that have a poor economy, the government are trying to save their currency, and accepting bitcoin as a legal tender may just do the opposite.
Japan is an example for such a country, it's not really small but it doesn't have a lot of financial relationship with other countries and also have a very strong currency.
April 18, 2018, 12:49:36 PM
The countries that I think will have the easiest job when it comes to mass adoption has to be Japan. The population is pretty tech savvy and they have no problem when it comes to adopting new technology. The next will be germany.
February 13, 2018, 05:32:21 PM
japan is first regualte about bitcoin
and you trade bitcoin in japan exchanger must pay tax fee too
and you trade bitcoin in japan exchanger must pay tax fee too
February 13, 2018, 05:20:03 PM
It's more and more amusing how we see the big global finance empire crumbling. I'm not a fan of Putin and wouldnt want to live in Russia but it's a smart move. And I can see some of the other Latin American countries close to Venezeula who have been bullied by washington following suit. Shame China is so interested in centralised CCCP control freakery they can't see the bigger picture yet.
It will be blyats
Every week we see good news coming from the muther land.Even Putin digs into this decentralized currency.He told his cabinet not to put too many restriction on trading ^^
There finance ministry is already drafting a bill, and it will be passed by March.So only one month left! All aboard the blyat train XD
Russia is even shutting down SWIFT! https://www.rt.com/business/418665-russia-banks-ready-shut-swift/
They are ready to move forward in this digital era.Soon many countries will follow this lead.
#Respect
Every week we see good news coming from the muther land.Even Putin digs into this decentralized currency.He told his cabinet not to put too many restriction on trading ^^
There finance ministry is already drafting a bill, and it will be passed by March.So only one month left! All aboard the blyat train XD
Russia is even shutting down SWIFT! https://www.rt.com/business/418665-russia-banks-ready-shut-swift/
They are ready to move forward in this digital era.Soon many countries will follow this lead.
#Respect
February 13, 2018, 03:37:39 PM
It will be blyats
Every week we see good news coming from the muther land.Even Putin digs into this decentralized currency.He told his cabinet not to put too many restriction on trading ^^
There finance ministry is already drafting a bill, and it will be passed by March.So only one month left! All aboard the blyat train XD
Russia is even shutting down SWIFT! https://www.rt.com/business/418665-russia-banks-ready-shut-swift/
They are ready to move forward in this digital era.Soon many countries will follow this lead.
#Respect
Every week we see good news coming from the muther land.Even Putin digs into this decentralized currency.He told his cabinet not to put too many restriction on trading ^^
There finance ministry is already drafting a bill, and it will be passed by March.So only one month left! All aboard the blyat train XD
Russia is even shutting down SWIFT! https://www.rt.com/business/418665-russia-banks-ready-shut-swift/
They are ready to move forward in this digital era.Soon many countries will follow this lead.
#Respect
February 13, 2018, 03:27:44 PM
Actually rather than little countries, US, Japan, Russia, China and South Korea are the ones that have big impact on crypto, lots of country will end up adopting crypto but these ones can change everything.
February 13, 2018, 03:24:58 PM
Bitcoin is more or less legalized
In the vast majority of the world it's not illegal but not embraced either. Some will say Japan, but it's not legal tender there, it's just recognised as a legitimate payment method. That's still nowhere near legal tender.
Even when you can pay taxes with it such as in Switzerland and certain US states, it's probably treated along the same lines as Visa. It's a payment rail, not a currency. It gets converted to the local legal tender. With that treatment it's a totally different category.
Hm, not sure that makes it a payment rail. Arizona is accepting an additional currency, just as you can buy beer with the Canadian dollar at Niagara Falls on the US side. Perhaps it is calculated in USD, but it is stil BTC that is accepted. Whether they convert it or not is something that goes on outside of this question.
February 13, 2018, 02:54:46 PM
Bitcoin is more or less legalized
In the vast majority of the world it's not illegal but not embraced either. Some will say Japan, but it's not legal tender there, it's just recognised as a legitimate payment method. That's still nowhere near legal tender.
Even when you can pay taxes with it such as in Switzerland and certain US states, it's probably treated along the same lines as Visa. It's a payment rail, not a currency. It gets converted to the local legal tender. With that treatment it's a totally different category.
February 13, 2018, 02:23:33 PM
Bitcoin is more or less legalized in Japan, Canada, America, Great Britain, Estonia, Australia, Denmark, South Korea, Sweden, the Netherlands, Finland.
In addition, some countries have taken this position when they officially do not give it legal status, but do not prohibit their use. In addition to Russia, to accept bitcoins as a new legal digital currency or not, think such countries as:
Belgium;
Colombia;
Czech Republic;
Germany;
New Zealand;
Israel;
Ukraine;
France;
Croatia;
Belgium;
Poland;
Hong Kong;
Slovenia;
Turkey;
Singapore;
Switzerland;
Spain
In addition, some countries have taken this position when they officially do not give it legal status, but do not prohibit their use. In addition to Russia, to accept bitcoins as a new legal digital currency or not, think such countries as:
Belgium;
Colombia;
Czech Republic;
Germany;
New Zealand;
Israel;
Ukraine;
France;
Croatia;
Belgium;
Poland;
Hong Kong;
Slovenia;
Turkey;
Singapore;
Switzerland;
Spain
February 13, 2018, 02:04:22 PM
Not exactly crypto but it is at least digital.
Unlike the petrocrypto, this is just basically the Swedish crown in digital format so it is backed up by their central bank. As mentioned, the primary reason for wanting to adopt this was the decrease in cash usage. This meant that transactions mostly go through banks (imagine the Americans usually using credit cards instead of cash).
Quote
Unlike the petrocrypto, this is just basically the Swedish crown in digital format so it is backed up by their central bank. As mentioned, the primary reason for wanting to adopt this was the decrease in cash usage. This meant that transactions mostly go through banks (imagine the Americans usually using credit cards instead of cash).
February 13, 2018, 11:48:39 AM
So far we have Venezuela proposing the petro. Russia is proposing their own. I know Estonia is very crypto and tech friendly.
Where else>
Where else>
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