Potential countries eyeing El Salvador-like move on cryptocurrency

El Salvador became the first nation on Tuesday to make cryptocurrency a legal tender nationally after buying 400 Bitcoin.

However, the question on every crypto fan’s mind is which country will be the next to jump on the bandwagon and join El Salvador in making history.

While different countries like the United States, Canada and India allow trading in these virtual currencies, none have actually announced any cryptocurrency as a legal tender.

Countries like China and Russia have previously made their stance clear against allowing cryptocurrency trending, let alone using any as a legal tender.

On the contrary, South American nations like Paraguay, Argentina, Brazil and Panama have supported El Salvador’s move to solidify crypto as a legal tender.

Paraguay proposed a bill in June to give Bitcoin the same status as in El Salvador.

South American nations have been quick to act in hopes of getting a headstart and gain advantage over other nations as future financial powers, with the rest of the world playing catch up.

El Salvador first announced its plans to officially classify Bitcoin as a legal currency in June. Salvadoran President Nayib Bukele informed the world he gained his government’s confidence over recognising the world’s oldest and arguably the most popular cryptocurrency as legal tender. 

However, El Salvador’s progressive move didn’t sit well with the International Monetary Fund that raised economic concerns over their plans.

The World Bank too, previously, denied any help to implement the cryptocurrency in its monetary system.

Meanwhile, Iran banned Bitcoin mining for three months in May and Elon Musk’s Tesla also took a u-turn on its decision to accept payments in the cryptocurrency.