Three countries that may adopt bitcoin as legal tender

Three countries that may adopt bitcoin as legal tender

By Sanne Moonemans - min read
Updated 26 May 2022

El Salvador surprised friend and foe in 2021 by announcing during Bitcoin 2021 that it wanted to rebrand bitcoin as legal tender. This was followed in 2022 by the Central African Republic, and there are a number of countries that are nominated to follow the same path.

Who follows?

We have to admit that these countries are not impressive in terms of economy and population, but it was never expected that the world’s greats would be the first to adopt bitcoin.

It makes sense that the countries on the fringes of the financial system are the first to arrive at bitcoin. After all, they are in a position where they have tried everything and bitcoin is a possible way out to a better future. Time to take a closer look at three countries that may adopt bitcoin as legal tender.

1. Panama

Panama is on the border of El Salvador, which makes it no surprise that they are on the list. Unlike many other countries, which are slated to make bitcoin legal tender, Panama has already made an outline of bitcoin legislation. This so-called draft came out the day after El Salvador officially adopted bitcoin. The law has not yet been passed, but there is a chance that we will be able to add Panama to El Salvador and the Central African Republic in the future.

2. Cuba

Cuba has not yet adopted bitcoin as legal tender, but it has certainly taken steps in the right direction. In any case, the country recognizes bitcoin as a means of payment and residents are free to use it. Cuba made this decision after the United States tightened its rules on sending money from the US to Cuba. Among other things, 400 branches of Western Union were closed in the country.

3. Mexico

During Bitcoin 2022, Mexican Senator Indira Kempis took the stage as a big surprise. Unfortunately, she was not yet able to announce that Mexico will definitely adopt bitcoin as legal tender, but she will fight for it in the country. Mexico’s adoption of bitcoin as legal tender would be great, as unlike the other countries on the list, this is a huge country. Mexico has a population of 131.47 million and had a GDP of $1,076 billion in 2020. However, the chance that Mexico will adopt bitcoin as legal tender in the short term does not seem huge. Kempis indicated that it will in any case be a tough battle.