All cryptocurrency fans are well aware that Salvador has recently begun its journey to become a global center of innovative technology, approving Bitcoin (BTC) as legal tender in the state. If he succeeds, he can be expected to be an inspiration for other countries to jump on the cryptocurrency train as well.
More Nations Can Accept BTC (BTC)
At a time when authorities in various jurisdictions still see nothing in BTC and other cryptocurrencies as a tool for criminals to conduct their illegal operations, such as money laundering and terrorist financing, Salvador began to write a whole new story by recognizing BTC’s second official report. currency in the country (the first is the US dollar).
New research clearly shows that the demand for digital payment methods such as cryptocurrencies is growing exponentially, but so far no sovereign state has had “the audacity to go all-in to BTC” so far, as El Salvador has shown us.
However, everything may change in the coming months or years, especially if the small Central American nation manages to multiply its wealth by becoming the target of fintech and blockchain enterprises.
Who could follow the example of El Salvador?
Which countries are among the main adepts who could follow El Salvador and officially accept BTC or another cryptocurrency as legal tender?
Tanzania – Located on the east coast of Africa, it is one of the first nations on the continent to have a female head of state. President Samia Suluhu Hassan recently called on the country’s financial authorities to lay the groundwork for the widespread adoption of cryptocurrencies in the country.
Paraguay – Encouraged by a bold move by El Salvador, Carlos Rajala, a 36-year-old businessman and member of the Paraguayan Congress, has indicated that he is preparing a bill that would give the Latin American nation the status of a crypto-friendly country. If passed by law, Paraguay will become a popular destination for the cryptocurrency industry, offering BTC miners cheap and completely green energy sources and eventually paving the way for bitcoins as legal tender in the country.
Panama – With the growing field of tourism, Panama understands that the adoption of bitcoins would be a step forward, and Congressman Gabriel Silva called on the nation to follow the example of El Salvador.
“It simply came to our notice then. And Panama cannot be left behind. If we want to be a real technology and business center, we must support crypto. We will submit a bill to the Assembly. If you are interested in participating in its formulation, you can contact me ”
Argentina – The economic crisis in the country has been well documented over the years and it seems that the government can start preparing plans to open its doors to cryptocurrencies. In addition, more and more Argentines are already using subsidized electricity to mine bitcoins.
Cryptocurrencies are constantly proving their viability, and it is very positive that entire nations are beginning to understand the usefulness of this revolutionary technology.