• Sun. Jul 14th, 2024

Bitcoin Adoption: Could Other Countries Follow The Footsteps Of El Salvador?

Phillip Seefeldt

ByPhillip Seefeldt

Jun 15, 2021

On Tuesday, history has been made by the El Salvadoran authorities to vote for Bitcoin to be made a legal tender as the country became the first over the globe to declare the approval of digital currency in such terms.

The proceedings for this program are rapidly handled by the authorities. Nayib Bukele, the president of El Salvador, announced his intentions for the cryptocurrency while attending the conference named Bitcoin 2021 on Sunday in Miami. Hardly, after three days, the proposal was approved in the legislative assembly of the country on the majority votes in favor of the proposal.  In this way, a new law, based on the ideas of the president’s party, was passed to be completely implemented in 90 days by acquiring the lead of 62 votes in support over the 22 in refutation.

The aforesaid maneuver is unprecedented and significantly memorable. Still, it seems that there are not some strong relationships between El Salvador and the cryptocurrencies as the other countries usually have.

El Salvador is not the only country to adopt cryptocurrency

In Paraguay, Panama, Brazil, and Argentina, the politicians express their thoughts on social media for the recommendation of the decision after it was taken in the assembly of El Salvador. It is most expected, among these countries, that the example of El Salvador will be shortly followed by Paraguay, or at the lowest degree, the favorable laws for cryptocurrencies will be proposed by it. The credit of this revolution goes to one man specifically who is an old congressman of Paraguay naming Carlos Rejala.

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Is Bitcoin being accepted by the world at large?

The step of making cryptocurrencies legal by El Salvador is a further move in positioning digital currencies as the regular way of the financial ecosystem of the world. Yet the opinion and decision of the countries which are aside from the developing world about the acceptance of Bitcoin following the others are uncertain currently.

According to the CEO of Marathon Digital Holdings, Fred Thiel, the development of cryptocurrencies is no more a question now. He further stated that many of the policymakers would be seen in the countries which are not in the G7 or G8 that will have positive stances for the adoption of Bitcoin. Additionally, he revealed that Bitcoin is conveniently used, which is why it is considered the ideal currency.

Phillip Seefeldt

Phillip Seefeldt

Phillip Seefeldt is a skilled and perceptive news writer known for his comprehensive analysis and engaging writing style. With a commitment to accuracy and a deep understanding of current affairs, his articles provide readers with insightful perspectives and thought-provoking insights.

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