we know to be the first country in the world to officially accept Bitcoin as legal tender. This was followed by the President of El Salvador, Nayib Bukele, who announced that the government would start buying 1 BTC per day on November 16 2022, but can other small countries follow in El Salvador's footsteps and what are the country's challenges in this regard? This might be a very interesting discussion to see that so many people from small countries are interested in cryptocurrency, more specifically Bitcoin
I have not seen any country apart from El Salvador that accepts Bitcoin as a legal tender, and I believe that other countries are trying to be more reasonable about it. Fine, any country may conclude to invest in an asset, it is a different ballgame, but agreeing that it becomes a legal tender goes way more. There are factors that will be considered, especially the informal nature of Bitcoin, its decentralization and the privacy tendency that could aid anonymity in a way.
This calls for strict and serious regulation even if they accept it to be their legal tender, but how many countries have the capacity to regulate a decentralised asset like Bitcoin? This is why I believe countries are avoiding it as the risk could have outweighed the benefits in terms of security, lack of control, money laundry tendency that could aid enough illegality, and the risk of its high volatility that could make it unreliable at times.