Even though cryptocurrency still has a long way to go before replacing the dollar, adoption is becoming more common. Countries are not as hesitant in adopting the new form of digital currency. Oldest and Newest Financial institutions are taking a dive head-on.
A report from Forbes in July 2018 shows that the Northern Trust is adopting cryptocurrency for managing digital assets. Peter Cherewhich, the president of the Northern Trust stated that it is possible to tokenize anything, therefore, it is important to figure out how to hold, value and use the tokens.
However, the CEO of JP Morgan,Dimon Jamie, has expressed not interest so far. Infact, during the crypto boom in October 2021, Dimon Jamie confessed that he will no longer use the term cryptocurrency because it is worthless.
On the contrary, according to a report by KMPG in August 2018, cryptocurrency investment in the first six months of that year exceeded that in 2017 in US alone.
Even though China has been hard on cryptocurrency, there is no doubt that the Chinese Ministry of Industry and Information Technology wants to advance Blockchain adoption. China aims to optimize sectors like supply chain management and its own financial sector using Blockchain.
The same year, China published a book called "Blockchain-A guide for Officials" through its official publication house, the People's Daily Publishing House. The bank of China also promised to invest more than 1% into digital assets that year.
In 2020, the then Kenyan President, Uhuru Muigai Kenyatta took to public mass media and announced that Kenyans should look more into Bitcoin. This was after an economic downfall caused by the pandemic earlier that year. The president urged Kenyans not to miss out on such wealth creation opportunities.
Countries That Have Adopted Bitcoin Fully Cryptocurrency by July 2022
At the time of writing this article, 9 July 2022, only two countries have fully adopted Blockchain as a form of national currency.
El Salvador is the pioneer nation in full Bitcoin Adoption. The president is wise according to the Cryptocurrency Community. El Salvador has positive Bitcoin Adoption and even holds conventions to educate its local citizens on it. El Salvador might become the richest nation in the next global economical reset.
In September 2021, El Salvador became the first country in the world to adopt Bitcoin as legal tender. According to a government statement, President Faustin Archange Touadera validated the law on a Wednesday. El Salvador allows its citizens to pay tax contributions in cryptocurrency using official platforms that the government recognizes.
In April 2022, The Central Africa Republic (CAR) became the second country in the world to fully adopt Bitcoin. Central African Republic lawmakers voted unanimously and passed a bill legalizing Bitcoin as legal tender alongside the regional Central African CFA franc.
Predict the Next Country to Fully Adopt Bitcoin
Other countries that are open to Bitcoin adoption include Brazil, Argentina, Venezuela and Panama. In fact, CoinMarketCap conducts a poll on nations that will adopt cryptocurrency next. CoinMarketCap rewards its users with free redeemable coins in return.
Recent votes show that countries most likely to follow CAR and El Salvador are Paraguay, Panama, and Cuba.
Can you predict the next country to fully adopt Bitcoin or any other cryptocurrency?
Can you predict the next country to fully adopt Bitcoin as a legal tender?
Paraguay
Panama
Cuba
Brazil
If your answer is not on the poll above, please feel free to leave a comment below. Happy investing.
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