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Countries that will follow El Salvador to legalize Crypto Assets

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Written by   481
1 month ago

As the first country to adopt Crypto Assets as a legal tender some time ago, it turns out that it is now having an impact on making the country likely to follow in El Salvador's footsteps.

As neighboring countries to El Salvador, Cuba, Panama, Paraguay, Honduras, and Guatemala are rumored to be following in El Salvador's footsteps to legalize Crypto Assets.

Representatives from the central banks of the two countries located in Central America said that they were studying the possibility that this digital currency could be adopted as a legal currency and could be used as a payment option for the people of Cuba, Panama, Paraguay, Honduras, and Guatemala in addition to fiat currency.

One of the goals that can still be said to be the same was to do this in order to reduce dependence on the dollar. As is well known, most of the residents in Central America depend on remittances from their families who work in the United States. Where because every remittance there is a substantial discount fee that has been determined by the government. So with the plan to legalize crypto as a currency, it is hoped that this will be an alternative and an advantage for them.

And as the crypto community in general knows, it's not only Cuba, Panama, Paraguay, Honduras, and Guatemala. Apparently, what the country of El Salvador has done has also had a lot of impact on countries on other continents.

One of them is in countries on the European continent, a draft law that legalizes and regulates crypto assets in Ukraine has reportedly been passed by the country's parliament. Where it has been found based on related sources, it is said that as many as 276 members of parliament have voted in favor and only 6 members of parliament have not agreed to support the bill.

With the existence of the Act, of course, the possibility of what the course will be can become clearer in the future for Ukrainian citizens. So with the presence of this law, it can foster a sense of trust to invest in crypto-assets and store them as a commodity because it is legally supported by citizens.

However, at this time the issue of legalizing crypto assets in Ukraine is not exactly the same as what was done by the country of El Salvador which has legalized bitcoin as a currency. It can be interpreted the same as in Indonesia, where crypto assets in Ukraine only act as commodities and cannot be used as a means of payment or exchange of goods or services because only the Hryvnia currency can do this.

There is another news addition to the crypto world, especially in other news where the issue of Russian President Vladimir Putin's statement saying he will tolerate crypto assets at a time when cryptos are receiving intense scrutiny from regulators in many countries because it is feared that they can be used for money laundering and criminal activities. In an interview with CNBC posted on the Kremlin website on Thursday, Putin also said crypto-assets have the right to exist and allow them to be used as a means of payment, but added that he felt it was too soon to talk about the use of money. digital trade for oil and other commodities that make up the bulk of Russia's exports.

We return to the existence of El Salvador, which has legalized bitcoin as a legal currency in the country, which should be listened to at this time is how the existence of El Salvador is currently where the conditions for Crypto Assets increase are quite good until the time of this writing. Broadly speaking, it can be said that many citizens who have free bitcoins have also benefited from their current existence. Then how about the existence of the demonstrates who refuse, and the existence of problems regarding the problematic use and disbursement. Of course, in conditions like this, the more crowded and the greater the possibility of events happening?

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Written by   481
1 month ago
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Comments

Very good article, my friend. Hopefully with these measures of Bitcoin approval in El Salvador, can greatly benefit the population as soon as possible improving their quality of life by having more income.

$ 0.05
1 month ago

Presently, world is standing at the same page as it was in 17th century to transform from gold to paper currency.....It is doubtless that crypto currency is the future and it will be adopted every where in next few years.

$ 0.05
1 month ago

Future currency will be converted in crypto. This will happen soon.

$ 0.05
1 month ago

El salvador is the first country who adopt crypto-currencies all aspects, am i right? And i wanna know thing, why you're being such to me? I'm just newbie and you help and support me a lot. I'm greatful for everything. Anyway did you know me from earlier?

$ 0.05
1 month ago

Once a country starts to legalize crpto currency naturally,but slowly ,the other countries will also follow the same.

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1 month ago

Technologically underdeveloped countries are experiencing economic difficulties because they cannot compete with big countries in terms of trade. Cryptocurrencies offer very good opportunities, especially for poor countries.

$ 0.05
1 month ago