The crypto industry has been plagued with a lot of controversies. Since its inception, several countries and governments have been unsettled about the development of the crypto industry. This aversion revolves around certain concerns like its instability, volatility, lack of accountability, security challenges and the fact that crypto cannot be regulated by the government, among others.
Despite these challenges, one country has decided to take a bold step by being the first country in history to adopt bitcoin as a legal currency. Aside from his feat, El Salvador also became the first country to ever airdrop bitcoin to its citizens and also the first country to buy bitcoin as a nation. This is a very groundbreaking win for the crypto world. Following this development, countless other countries have also started making moves to join the crypto train. Let’s take a look at some of them.
Bitcoin, alongside other cryptocurrencies, has been legally recognized by the Ukrainian government. They have also recently passed a law that seeks to recognize cryptocurrency as non-monetary assets, as well as regulate and restrict its circulation where necessary. Although Ukraine has not announced any plans to adopt crypto at a national level, it has given its citizens the freedom to own, exchange and trade the country’s legally recognized cryptocurrencies. It has opened its gates to the influx of potential crypto companies to operate and establish digital asset markets.
Following in El Salvador’s footsteps, Paraguay has also been making plans to adopt bitcoin as a legal currency. In mid-2021, Paraguay officially began to build its personal cryptocurrency policy, which features bitcoin as an official currency that can be regulated as well as taxed. Plans are still underway to ensure the implementation of the bill and also to take advantage of the country’s stable energy, which can be useful in bitcoin mining.
Malta was the first country to develop an organized framework of operations to guide the use of cryptocurrency, as far back as 2018. Since Malta has always maintained an open-door policy towards cryptocurrency in general, the country has become an international crypto hotspot for several crypto companies and exchanges. In light of all these, it is highly suspected that Malta may be the next country to legally recognize crypto as a legal tender.
The capital of Germany, Berlin is dubbed the crypto hub of Europe. For almost a decade, quite several businesses have been accepting cryptocurrency as a means of payment. Quite recently in July 2021, the country, through a bill, allowed large establishments to convert up to 20% of their assets to cryptocurrency. With this development, there is surely an increased likelihood of crypto adoption as a legal currency.
Despite the worldwide opposition crypto is currently facing, there has been slow but steady progress in gaining acceptance in several parts of the world. Which country would you like to see on this list soon?