Post
Topic
Board Economics
Re: El Salvador plan to make BTC legal tender
by
Wayan_Pedjeng
on 12/06/2021, 04:43:03 UTC
And they did what they said. It's a good news. At least now they can boast that they were the first country to make bitcoin a legal tender when bitcoin actually goes mainstream. I have also heard that other countries in Central America will also eventually follow this step. It's a good start to be honest. Though I must admit, they will face some complications and its going to take them some time to understand and integrate bitcoin into the mainstream businesses. I am also curious to know how will they be tracking everything. I mean, if a company starts paying in bitcoin, how will the government track them.

From what I have heard, there are 11 countries apart from the United States that use the US Dollar as the national currency. They are - Ecuador, El Salvador, Zimbabwe, Guam, USVI, Timor-Leste, American Samoa, Northern Mariana Islands, Micronesia, Palau and Marshall Islands. Out of these, 4 are dependent US territories (Guam, USVI, Am.Samoa and N. Mariana). Another three are heavily dependent on the US for balancing their budget (Micronesia, Palau and Marshall Islands).

That leaves a total of 4 countries where there is a chance of Bitcoin being declared as the legal tender in the near term - Ecuador, El Salvador, Zimbabwe and Timor Leste. Now that El Salvador has taken this step, the other three would at least consider it.