The race to adopt Bitcoin: After El Salvador, who’s next?

Be the First to Comment Read

The race to adopt Bitcoin: After El Salvador, who’s next?

bitcoin price aud, Brazil, next cryptocurrency to explode 2021, Bitcoin's adoption
Image source: TeeStocker, Shutterstock.com

Highlights

  • Global cryptocurrency adoption has soared by over 880% in the last year, according to a Chainalysis report.
  • According to a nationwide poll conducted in September by Sherlock Communications and published in Bitcoin Magazine, 48% of Brazilian citizens support making Bitcoin legal tender.
  • El Salvador also plans to issue the world's first sovereign Bitcoin bonds and construct Bitcoin City, which will be tax-free on capital gains, property and income.

Crypto fans across the globe are racing to convert physical money into digital cash.  One of the turning points in the world of crypto came when the El Salvador government accepted Bitcoin as legal tender, ushering in a new era in the monetary world.

Related Article: Will El Salvador and Hungary's embrace of Bitcoin make it immortal?

How intensive is the global crypto adoption?

According to a Chainalysis report, Bitcoin's widespread acceptance is on the up and up. Global cryptocurrency adoption has soared by over 880% in the last year.

Vietnam, India, Pakistan, Ukraine, and Kenya are the countries that scored the highest on Chainalysis' paper, bagging the top five positions, while the US is at the eighth position. The extent of crypto love in the country can be gauged from the fact that few top officials have expressed their desire to take their salary in bitcoin.

The race to adopt Bitcoin: After El Salvador, who’s next?

Last month, Miami Mayor Francis Suarez said he wishes to have his paycheque entirely in Bitcoin.

Another lawmaker from New York, Eric Adams, followed suit, demanding his first three salary checks in Bitcoin, when he starts office as Mayor of New York in January 2022.

Related Article: US bitcoin ETF launched; Financial and crypto markets are finally married!

El Salvador also plans to issue the world's first sovereign Bitcoin bonds and construct Bitcoin City, which will be tax-free on capital gains, property and income.

Another country showing massive enthusiasm for crypto is Brazil, which has also taken a significant and crucial step in this direction. Following El Salvador's lead in recognising Bitcoin as a currency, Brazil seems keen to follow suit. According to the country's central bank, Brazilians have spent more than $4 billion on cryptocurrencies so far in 2021.

Brazils’s bill to legalise cryptocurrencies

On November 5, a draft bill allowing personnel to be paid in bitcoin was tabled in Brazil's Chamber of Deputies.

Brazilian Politician Luizo Goulart proposed the bill to legalise cryptocurrencies as a source of remuneration for the company's employees. The bill aims to amend the present law, which states that Brazilian employees can only get their wages in national currency.

Furthermore, the bill explicitly states that payment in crypto can only be guaranteed with the cooperation of both the employer and the employee. Therefore, no one would be compelled to accept cryptocurrency as payment.

bitcoin price aud, Brazil, next cryptocurrency to explode 2021, Bitcoin's adoption

Image Source: © Eamesbot | Megapixl.com

Another recent update in the crypto area is the introduction of a new Visa Crypto Card for the interested Brazil-based users of Crypto.com. However, they have to apply for a clearance prior to receiving an approval to get their crypto Visa cards.

The users of Visa crypto cards issued by the Hong Kong-based exchange crypto.com will not be charged anything on monthly or annual basis, nor will they be charged any ATM withdrawal fees.

Crypto Visa cards need to be recharged on prepaid basis using fiat or cryptocurrencies. The card will allow conversion of DeFi (decentralised finance) tokens to the respective market's currency, that can be used for buying and can be withdrawn from Bank.

Related Article: Race to crypto throne: Which currency will dethrone Bitcoin?

Bottom Line

Bitcoin has carved a niche for itself in peoples’ mindspace.  With crypto mania spreading like a wildfire across the globe, more countries are seemingly joining the race to accept Bitcoin as legal cash.

Related Article: Crypto obsession: Would you like to get paid in Bitcoin?

Disclaimer

Speak your Mind

Featured Articles