This year 2021 has started another topic to discuss in crypto. This topic is crypto acceptance and making it legal tender and this was started with the great move by El Salvador. Its the first country that has made bitcoin legal tender and now more countries are expected to follow the trend. This is not a big country but the step they have taken is quite big and if any big country joins it then it will another great move in making crypto legal tender. Maybe it will not be easy for big countries since they will have their own challenge and they might try to avoid this issue.
Cuba could be the next country name in the list on the basis of news and updates.
Cuba’s move comes after El Salvador recently announced it would recognize the use of the cryptocurrency Bitcoin as a way to encourage remittances from its citizens living abroad. A resolution published in the Official Gazette on Thursday said the central bank will set rules on cryptocurrencies and determine how to license providers of related services within the communist state.
It seems like something is brewing in Cuba related to crypto and they might go one step ahead with crypto acceptance. Recently in one of the Official Gazettes Cuba's government has shared that they will regulate crypto and accept it for payment.
A new race has started where countries are adopting crypto in their payment system and seems like they have realized the potential of this new form of digital money. CDBC is a completely different thing and would have different use cases however people would get the option to use either fiat or crypto for buying goods or pay for services.
We know that paying through digital money is very easy and convenient and if there is more demand for crypto then we can see more people coming in which will help the crypto market cap grow. Things have started with a good note but this is just the beginning and in the next 3-5 years we can see a significant change in the overall crypto space because there is a lot of action here.
Just suppose if we have a couple of countries that have accepted crypto as a way to buy goods or pay for services as we do with fiat then many other countries would surely try to give it a thought and explore possibilities this way. The possibility is never easy but requires the intention to explore and in the same way, we can say that anything can happen in crypto worlds because possibilities are endless and things will move to level if more countries join the trend.
Thank you so much.