In Africa, Nigeria is seen as another potential country that could introduce cryptocurrencies as legal tender. The original Bitcoin law, passed in June 2021, states that “every economic sub-agent must accept Bitcoin as a means of payment if it is offered by the one who buys a good or service.” In Africa, Zimbabwe has yet to recover from hyperinflation and its economy is in shambles, exacerbated by COVID-19 and current high inflation. The country plans to issue gold coins to control runaway inflation. However, given the digital and global advantages of Bitcoin, it is very likely that Zimbabweans will adopt BTC as legal tender to get out of the current chaos. The number of available U.S. jobs fell in August compared with July, a sign that companies may continue to reduce hiring, which could cool chronically high inflation. The sharp decline in job vacancies is welcomed by the Federal Reserve. Fed officials cited the high level of job vacancies as a sign of strong labor demand, which has forced employers to steadily raise wages to attract and retain workers. Both El Salvador and the Central African Republic have found that they want to make money transfers to the country cheaper. El Salvador`s President Nayib Bukele has predicted a $400 million saving on remittances as the country transitions to bitcoin infrastructure. With the Bitcoin lightning network, payments could be cheaper than existing methods. Last year, El Salvador became the first country in the world to adopt Bitcoin as its legal tender alongside the US dollar. That is what I mean by supply and demand.

If you then have these halving events, if there is still a demand of 900 per day and now only 450 come out in the next halving cycle, then theoretically the price can go up. A Paraguayan bill to regulate the trading and mining of bitcoins and cryptocurrencies in the country was passed by the Senate in December, widely seen as the first step toward legalizing bitcoin. Honduras, which opened its first cryptocurrency ATM in August, is also reportedly considering accepting Bitcoin. The country`s economic situation, as well as the speed of Bitcoin adoption, has made Nigeria an ideal candidate to be one of the next countries to make crypto legal. Legal tender refers to money – usually coins and banknotes – that must be accepted when offered to pay a debt. Decades of sanctions have decimated Cuba`s economy and its citizens have paid the price. However, this is starting to change as the country now recognizes crypto and bitcoin and even introduces appropriate regulations to encourage adoption. The U.S. decision To increase its influence in Cuba and prevent financial service providers from offering services, the country could approve Bitcoin as legal tender.

After the fall of El Salvador, education is a key factor in the adoption of Bitcoin or any other cryptocurrency. For this launch to be a success, the population must understand what cryptocurrencies are and, most importantly, how they work. In January, the International Monetary Fund`s executive board called on El Salvador to remove bitcoin`s legal tender, citing concerns about “financial stability, financial integrity, and consumer protection.” Government officials said the move would reduce corruption risks and prevent fraud in the burgeoning exchange of digital currencies. It should also be noted that regimes that adopt Bitcoin as legal tender have claimed to bring financial inclusion to their population. However, financial inclusion must often be preceded by mobile phone and internet penetration. Without digital infrastructure, a digital currency alone will not solve the problem of financial inclusion. I think some people believe that maybe it`s the catalyst for Bitcoin, that more countries would choose to adopt it, like El Salvador, we saw that the Central African Republic accepted it maybe two weeks ago to make it legal as well. With the “cryptoball” now rolling and economies struggling with runaway inflation, these sovereign nations are the leading candidates to make Bitcoin likely legal: the proliferation of Bitcoin (BTC 3.72%) as legal tender has slowly been adopted by some countries.

In this excerpt from “The Crypto Show” on Motley Fool Live, recorded on May 18, contributor Jon Quast points out how El Salvador, which added it in 2021, recently held a conference to try to attract more countries to make Bitcoin a legal tender. “One country has turned #bitcoin legal tender into speculation,” another person replied. Related: Cryptocurrency Bill: Countries Where Cryptocurrency Is Restricted or Illegal Ukrainian lawmakers voted to legalize cryptocurrencies in February, just before the Russian invasion. On the other hand, Bitcoin regulations are largely determined by national regulators. Due to the decentralized nature of cryptocurrency, banning BTC in one national jurisdiction does not directly affect its legal status in another jurisdiction. However, when a country like the United States cracks down on cryptocurrencies through regulations, the market reacts. The resulting price movement can affect all countries that use Bitcoin as legal tender or reserve currency. The country has its own cryptocurrency called Petro, which is backed by its government and launched in February 2018.

El Salvador was the first country to adopt Bitcoin as legal tender after officially making cryptocurrency an accepted medium of exchange on September 7, 2021, but other countries are following suit. Brazil is playing an important role in the fight against climate change by being home to the world`s largest rainforest, but after Sunday`s elections, the issue is less likely than ever to be raised.

Which Country Will Make Bitcoin Legal Tender Next