Markets and Cryptocurrencies: Below are the countries where Bitcoin is legal tender

Currently there are only two countries in the world where Bitcoin has been Officially announced legal tender currencyas reported by Cryptonomist.ch.

Either way, it is poor countries, Or is relatively poor and has a limited population.

However, the main thing they have in common from a critical point of view is They do not have their own official national currency.

El Salvador

The first was El Salvador, a small Central American country with a population of about 6.5 million, and 112th in the world in terms of purchasing-power-adjusted GDP per capita.

Since it does not have its own national currency, the country uses the US dollar as a legal tender currency, and in September 2021 it also introduced bitcoin along with the dollar as a second legal tender currency.

Central African Republic

The second was the Central African Republic (CAR), a medium-sized country in Central Africa, but with Less than 6 million people. It is one of the poorest countries in the world with an annual GDP per capita of just over $500, which puts it 179th in the world.

The country uses the so-called CFA franc, issued by the French central bank, as a fiat reference currency, and in April decreed that bitcoin would also be legal tender within it.

In total, there are just over 12 million people, or just over half of the New York metropolitan area.

Caring for the world

Currently there are other countries that seem intent on doing something similar, although a country with a national currency may be more reluctant to legally bid for Bitcoin as well.

Of all those who seem willing to favor the spread of Bitcoin in their countries, the most interesting is certainly Mexico, because it has almost 130 million inhabitants, and because it is very close to the USA. Moreover, although it ranks 67th in the world in terms of GDP per capita purchasing power parity, it ranks 14th in the world in terms of nominal GDP.

However, there are many other countries where, although there is no legal tender, Bitcoin is generally accepted as a form of payment, even if it is not mandatory and not by everyone.

From this point of view, it was Japan that was the first to recognize Bitcoin as a currency, which not only has a population of over 125 million, but is also one of the richest countries in the world by far, so much so that it ranks third overall. nominal GDP and 28 per capita GDP (PPA).

Recently, even in Switzerland, places where Bitcoin can be commonly used as a currency are proliferating, starting with the city of Lugano.

Another city that is making giant strides in this regard is Miami, USA, and New York seems ready to follow.

The case in which the use of bitcoin and cryptocurrencies appears to be relatively widespread is Germany, while in Russia it is traded in secret above all because the Russians seem to like it very much but Regulations do not yet recognize it as a currency.

It seems that Russia and Ukraine, due to restrictions on the use of fiat currencies in electronic form, are increasingly open to the use of cryptocurrencies, even if their current situation is not in their favour.

However, if the war ends, widespread use of cryptocurrencies can resume, especially if favorable laws are already enacted, such as Looks like they’re going to do it.

Even in Australia, there seem to be many places where Bitcoin can be used as a payment method, even if there is no specific law that allows it.

It should be added that there seem to be fewer and fewer countries banning the use of cryptocurrencies, and more and more countries with a regulatory framework that legalizes their use, Even without announcing a legal tender.

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