El Salvador made history in September 2021 by becoming the first-ever country to make bitcoin a legal currency, the third-ever country to buy the king crypto as a nation, and the first-ever country to airdrop bitcoin to citizens. At least three other countries are already completing the necessary paperwork to follow suit.
Some of these nations are neighbors to a Latin American country that plans to establish a “Bitcoin City” based on bitcoin-backed bonds with no taxes.
Here are three countries that could follow El Salvador’s path and adopt BTC:
Latin America continues to lead the way in cryptocurrency adoption, with Paraguay considering making BTC official tender. Paraguay began developing its own cryptocurrency plan in July 2021, with the goal of making Bitcoin an official currency that is taxed and controlled.
Furthermore, the country’s low and consistent energy prices make bitcoin mining a particularly appealing alternative. The plan, which also aims to put the country’s energy surplus to good use to mine BTC, is currently being debated in the Paraguayan parliament.
Bitcoin and other cryptocurrencies are now legally recognized and controlled in Ukraine! The Ukrainian government has passed a bill that intends to officially recognize, regulate, and restrict cryptocurrency, which will now be considered non-monetary assets in the country for the first time.
Unlike El Salvador, Ukraine has not stated that it intends to adopt BTC, but it will allow citizens to hold and trade cryptocurrencies recognized by the government.
According to Cointelegraph, this means that crypto firms would be invited to build digital asset markets in Ukraine, and banks will be able to open accounts for crypto enterprises.
According to Chainalysis, Ukraine was among the top 10 countries earning the most from Bitcoin trading in 2020, thus it makes perfect sense if the Ukrainian government does not legalize Bitcoin soon.
Since becoming the first and only country to create an organized framework for cryptocurrency use in 2018, Malta has always had an open door policy toward BTC and other cryptocurrencies. Since then, the Mediterranean archipelago has emerged as a global crypto hub and forerunner, welcoming crypto enterprises and exchanges.
Many believe Malta will be the next country to adopt bitcoin as a legal tender.
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