El Salvador surprised its friend and foe in 2021 by announcing during Bitcoin 2021 that it wanted to rename Bitcoin as legal tender. This was followed in 2022 by the Central African Republic, and a number of countries have been nominated to follow the same path.
Who follows?
We have to admit that these countries are not very impressive in terms of economy and population, but it was not expected that the world’s greats would be the first to adopt Bitcoin.
It stands to reason that countries on the fringes of the financial system would be the first to access Bitcoin. After all, they are in a situation where they have tried everything and Bitcoin is a possible way out into a better future. It’s time to take a closer look at three countries that might adopt bitcoin as legal tender.
1. Panama
Panama borders El Salvador, which makes it no surprise that it is on the list. Unlike many other countries, which are set to legally tender for bitcoin, Panama has already drawn up a blueprint for bitcoin legalization. This purported draft was released the day after El Salvador officially adopted Bitcoin. The law has yet to be passed, but there is a chance that we can add Panama to El Salvador and the Central African Republic in the future.
2. Cuba
Cuba has yet to adopt bitcoin as a legal currency, but it has certainly taken steps in the right direction. In any case, the state recognizes bitcoin as a means of payment and residents are free to use it. Cuba made this decision after the United States tightened its rules on sending money from the United States to Cuba. Among other things, 400 Western Union branches in the country have been closed.
3. Mexico
During Bitcoin 2022, Mexican Senator Indira Kempes took the podium as a big surprise. Unfortunately, it has not yet been able to announce that Mexico will definitely adopt Bitcoin as legal tender, but that it will fight for it in the country. Mexico’s adoption of bitcoin as legal tender would be great, unlike the other countries on the list, this is a huge country. Mexico has a population of 131.47 million, and a GDP of $1.076 billion in 2020. However, the chance of Mexico adopting bitcoin as legal tender in the short term does not seem great. It will be a tough battle, Kempes noted.
