By Hassan Mehmood (Saudi Arabia)
Crypto adoption was not really something that you came to hear even at the beginning of 2021 rather frequently. It indeed was a new concept, but the growth of the crypto sector and the handsome profit on its investment turned by trading cryptocurrencies made this whole endeavour so significant and mainstream. The consistent rise and a dominant fall of the NFT technology was the missing piece of the puzzle that made crypto adoption an important concept.
It was not only talked among financial institutions such as banks and business intelligence firms but evidently was all across the board. 2021 was the year when El Salvador, a Latin American country, made history by making Bitcoin a legal tender. The country was consistently warned about the consequences that would follow not only by the IMF but the World Bank as well, but it didn’t listen to any of it and went all-in into making Bitcoin a financial representative for the El Salvador people.
Ukraine Accepts Bitcoin As Mode Of Payment
The question now is that El Salvador has already made its move of making Bitcoin a legal tender; would other countries follow? A live update on the progress of other countries; Ukraine recently approved a bill making Bitcoin not a legal tender but an acceptable mode of payment throughout the country. China has a very hard stance over not only Bitcoin but the idea of decentralization and is nowhere near the rhythm of crypto adoption that other countries are following. The United States and especially Texas are very eager to make Bitcoin a fair representative of the state. The CEO of NovoPayment, Anabel Perez, has come forward to share his insight on this whole thing. He says that there is just a lot of noise around the idea of adopting crypto and making a transition within the legal framework, and various countries are thinking about approving this transition. Some of these regions that are really extracted to adopting Bitcoin are Mexico, Brazil, Argentina, and Colombia. In the emergence of a modern financial landscape, there are only two possibilities, either people do it willingly and slowly understand what crypto is and how it can be used, or the states would have to impose decentralization on their subjects, and it won’t be a pleasant sight.
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