Countries that are Expected to Adopt Bitcoin as Legal Tender

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Countries that are Expected to Adopt Bitcoin as Legal Tender

This is the right time to be alive in the world today. Watching countries and corporations adopt bitcoin into their payment system tells a lot about the “never say never spirit.” You must have heard the story of bitcoin, how economic experts warned people who buy Bitcoin for keeps back then in 2008. The strict government restrictions followed that; in some countries, either bitcoin or other digital assets were accepted because they were all perceived as scams. And the fact that no government-backed regulations or authorities oversee the operations made it look even more suspicious.

But that’s not the case today; virtually all the co-operations and countries that once criticized and warned the public against having anything to do with bitcoin and its equivalent are now either pioneers or too deep into cryptocurrency and crypto transactions. It will take the whole day if we start to mention the companies and countries by name. But we will be listing those countries that have started coming to terms with the many advantages of bitcoin. By mentioning these countries, we mean you can buy bitcoin or any other cryptocurrencies while in the country. Below, they are stated thus:

5 Countries that are Looking Forward to Going Crypto 

  • Panama

This is not a surprise because the country borders El Salvador: the first country to go 100% crypto. It is impossible not to feel tempted when your next-door neighbour is doing something cool. That’s the situation Panama has found itself in, and it is no surprise that Panama is considering replicating the El Salvador formula. Panama is reported to have drafted some legislative regulations protecting people who buy bitcoin in the country. It was also reported that the legislation started a day after El Salvador adopted bitcoin into their economy. Although there has not been a law on bitcoin yet, all hopes are high that they will eventually come up with one before the year runs out.

  • Cuba

Aside from the lovely islands and contented lifestyle, Cuba plans to go beyond that; they are gradually setting the stage to be part of the global financial trends. The country has not fully adopted the cryptocurrency system, but is making provisions. The thing is, officially, Cuba recognizes cryptocurrency transactions, as residents can buy bitcoin or any other cryptocurrencies. The idea was conceived by the tough U.S. money regulations that monitor all money transfers between the U.S. and Cuba. This law also closed over 400 Western Union branches in Cuba. So, now, Cubans can make transfers with cryptocurrencies and can even get paid at work with it.

  • Ukraine

Ukraine is yet to legalize cryptocurrency as a legal means of the transaction. However, the legislation is ongoing, and you can buy bitcoin while in the country, just that you can’t make a daily transaction with it. In 2021, the Ukrainian parliament initiated a law to legalize and regulate cryptocurrency operations. The new law received unanimous acceptance, and they are making strong statements: they are joining the rest of the world in the new financial innovation.

  • Paraguay

El Salvador’s decision to be 100% crypto got some countries thinking. It was a wake-up call to many countries, especially in Europe. Paraguay is one of those countries, a member of the country’s Chamber of Deputies brought up a motion to regulate and legalize cryptocurrencies in the country. In a way, people can buy bitcoin and transact with it like a regular fiat. The same politician that brought up this bill has promised to make Bitcoin the country’s official currency when he finally wins the presidential contest.

  • Japan

Japan has finally broken the silence of building a crypto economy. The country has been tagged as one of the richest economies in the world; its already established technology market has made it almost impossible not to go crypto. The Japanese government has created the Payment Services Act (PSA), a framework developed to allow bitcoin traders and exchanges to make payments. So, yes, you can buy bitcoin and make some transactions, but there are government-approved channels you must use. They are still coming up with legislation that will further regulate the market. News has it that Japan will likely be going all crypto soon.

mindmingles
I am the one who loves to read and also has a special interest in writing. I have written for many websites and shared my views with the reader. I have always received warmth and love from my audience. I hope you will love my work too.

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