Re: Can small countries in accepting bitcoin as legal transaction?
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
Aren't you a bit late with this discussion? This has been discussed multiple times on the forum. The current year is 2024, not 2022.
Making Bitcoin a legal tender in a small and underdeveloped country won't change anything. It won't lead to mass adoption of BTC around the world and I don't think that will lead to mass BTC adoption inside that particular country. Small and underdeveloped countries simply don't have a big amount of rich and middle class people, who are willing to buy decent amounts of BTC. The people can buy BTC even if BTC isn't a legal tender. Making BTC a legal tender doesn't change anything.