May 17 2024

Where Cryptocurrencies Will Be Legalized in 2023

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Cryptocurrencies bring to a country that has chosen to legitimize its financial freedom, investment, tourism, and stocks, among them Vulkan Bet bonus, innovation, and economic development. Although crypto is now a legal currency, it is up to people to decide whether to use it or not. Consider where it could be legalized and expanded next 2023.

Legalization of cryptocurrencies in 2023: Countries with the highest use of bitcoin

According to the Cryptocurrency Adoption Index 2021, published by Chainalysis, global adoption of cryptocurrencies has increased by 880% over the past 12 months. Cryptocurrency is most popular in the US, but there are regions with high crypto activity outside of America as well. 

Out of 154 countries, the following almost 20 countries have particular cryptocurrency activity in casino Vulkan online. They are classified according to certain parameters 

  • volume of peer-to-peer transactions;
  • total cryptocurrency activity;
  • the trading activity of non-professional users.

The countries on this list have the fastest cryptocurrency adoption rates:

  • Vietnam¬†
  • India¬†
  • Pakistan¬†
  • Ukraine¬†
  • Kenya¬†
  • Nigeria¬†
  • Venezuela¬†
  • United States¬†
  • Togo¬†
  • Argentina¬†
  • Colombia
  • Thailand¬†
  • Brazil¬†
  • Philippines
  • South Africa¬†
  • Ghana¬†
  • Tanzania¬†
  • Afghanistan¬†

El Salvador

On September 7, 2021, El Salvador officially recognized bitcoin as a legal tender. Since then, BTC has been accepted as payment for goods and services. In 2023, it is possible that the list of accepted cryptocurrencies will expand.

According to Reuters, El Salvador’s President Nayib Buquele has decided that bitcoin will allow Salvadorans living abroad to send money to their families easily and quickly.¬†

Many countries are exploring bitcoin’s potential, but its official recognition means that a state provides it with support or a guarantee. In addition, countries must also take into account the possible consequences of bitcoin’s high volatility.

Panama

On the landmark day when El Salvador announced that bitcoin was recognized as a national currency, Panama also took a step towards legalizing cryptocurrencies. However, unlike El Salvador, Panama has added Ethereum (ETH) to its list of supported currencies.

Panama plans to actively use BTC and ETH as means of payment, as well as apply blockchain technology in the public and financial sectors. The bill mentions that bitcoin is an inflation hedge and emphasizes its high divisibility. However, the Panamanian government does not require local companies to accept payment in BTC and other cryptocurrencies.

Cuba

Cuba has legalized the use of cryptocurrencies such as bitcoin for commercial transactions. On 15 September 2021, days after El Salvador’s announcement, Cuba’s Central Bank approved Resolution 215 of 2021, which officially recognizes digital currencies. The Central Bank of Cuba has approved the use of bitcoin and other cryptocurrencies, but it continues to remind us of the possible risks of cryptocurrency transactions, including legislative risks and threats to financial stability.

Conclusion: A promising financial future

As you can see, many countries are already open to innovations that can improve a country’s financial situation. Some countries have already taken the first step towards legalizing digital currencies, and we may soon see bitcoin becoming a means of payment in many other states.


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