El Salvador adopted Bitcoin in December 2017. This has led to more adoptions. However, the first country to achieve it didn’t find it easy. Nayib Bakele, El Salvadorian president, was the target of many criticisms.
Some claimed that he convinced the legislature to pass the motion. Other critical financial analysts even predicted a negative influence on the country’s economic situation following his actions.
This country is using Bitcoin to transact financial transactions and has now completed this move. Additionally, President Trump continues to keep accumulating BTC in case of a price drop.
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Zimbabwe might be the next country that makes such bold decisions. They’re studying the risks and growth of cryptocurrency as an asset.
Zimbabwe: Will it be the next El Salvador?
The country will be examining the current demand rate of its citizens. They also support financial regulations, which have been a priority for many years. Zimbabwe also sees cryptocurrency as an opportunity to grow the country.
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Many citizens now demand crypto and the government is seriously considering this option. This information was shared by one of the local media outlets.
It was also revealed that Perm Sec Brig is currently discussing the use of Bitcoin as a legal currency – this news came at a time when the Perm Sec Brig wasn’t. Colonel Charles Wekwete also confirmed the information. The blockchain has both positive and negative aspects, he stated. ‘
He highlighted the negatives of money laundering and illegal cross-border transfer, as well as the facilitation of unlawful activities with illicit cash flows.
Due to the potential risks that blockchain presents, authorities are working to establish regulations. Also, the rules will protect consumers’ interests and protect Zimbabwe’s financial future.
The country has not yet declared any. To find out if it will work, they are just consulting experts. However, the government has adopted National Development Strategy 1 to teach the digital economy system.
This strategy will encourage a link between existing businesses and government in order to jointly develop the digital economy.
El Salvador Set The Pace For Bitcoin
Nayib made the brave step despite being criticized. Other countries are now considering Bitcoin usage within their economy.
There were many negative reactions to the move and others are ongoing. The first country to accept Bitcoin appears not to be slowing down.
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Recent news has revealed that the President plans to build a hospital in addition to 20 schools with Bitcoin profits.
These factors are why the crypto industry sees Africa as an attractive market for cryptocurrency testing. Chainalysis, an analysis firm, says that the African crypto market is growing.
Featured image from BBC. Chart by TradingView.com