Post
Topic
Board Bitcoin Discussion
Re: Bitcoin becoming Legal tender
by
lizarder
on 20/03/2024, 19:34:25 UTC
It may be true, countries that have their own currencies tend to have more difficulty adopting bitcoin as a legal currency (based on law) despite the fact that bitcoin is legally used as a means of payment in several countries that have their own currencies. El Salvador is certainly different from most other countries, but that doesn't mean other countries can't adopt bitcoin like them even though they have their own fiat currency.

I don't have valid data on how many countries where bitcoin can be used as legal tender, but it is true that bitcoin tends to be used more as an investment and trading asset than as a real use case. Indonesia is one of the countries that does not legalize bitcoin as a means of payment, but investment and trading are legal.
For me that is a much more rational reason because countries that have an official currency will find it much more difficult to adopt bitcoin as a legal currency. Countries have regulations that regulate the issue of official currency and if we think they want to change bitcoin to legal currency then it must go through parliamentary approval. This is where they will run into problems because there will be challengers from several factions joining them.

Very few countries accept bitcoin as legal tender and if this relationship is linked generally only El Salvador may be legal in the use of bitcoin as a legal means of transaction. Most countries accept the adoption of bitcoin as an investment asset and that is also what my country does with Cryptocurrencies in general and bitcoin in particular.