El Salvador surprised friend and foe in 2021 by announcing during Bitcoin 2021 that it would introduce Bitcoin as a legal tender. The Central African Republic followed in 2022, and there are a number of countries that may follow the same path.
We must admit that these countries are not impressive in terms of economy and population, but it was never expected that the world’s greats would be the first to adopt Bitcoin.
It makes sense that the countries on the fringes of the financial system are the first to arrive at Bitcoin. After all, you are in a position where you have tried everything, and Bitcoin is a possible way out to a brighter future. Time to take a closer look at three countries that could introduce Bitcoin as legal tender.
Panama is located on the border with El Salvador, which is why it is no surprise that they are on the list. Unlike many other countries that want to make Bitcoin a legal tender, Panama has already given an overview of Bitcoin legislation. This so-called draft came out the day after the official launch of Bitcoin by El Salvador. The law has not yet been adopted, but there is a possibility that in the future we will be able to add Panama to El Salvador and the Central African Republic.
Cuba has not yet adopted Bitcoin as a legal tender, but it has certainly taken steps in the right direction. In any case, the country recognizes Bitcoin as a means of payment, and residents can use it freely. Cuba made this decision after the United States tightened its rules on money transfers from the United States to Cuba. Among other things, 400 branches of Western Union were closed in the country.
During Bitcoin 2022, Mexican Senator Indira Kempis took the stage as a big surprise. Unfortunately, she has not yet been able to announce that Mexico will definitely introduce Bitcoin as a legal tender, but she will fight for it in the country. Mexico’s adoption of Bitcoin as legal tender would be great as it is a huge country unlike the other countries on the list. Mexico has 131.47 million inhabitants and had a GDP of 1.076 billion USD in 2020. However, the chance that Mexico will introduce Bitcoin as a legal tender in the short term does not seem to be great. Kempis hinted that it will definitely be a tough fight.
More and more countries are recognizing the potential and the answer behind “What is Bitcoin„.