The adoption of Bitcoin by El Salvador has opened the door for more adoption. However, the first country to achieve it didn’t find it easy. There were lots of doubts and criticisms targeting El Salvadorian President Nayib Bukiele. Some people stated that he influenced the legislature to approve the move. Other critical financial analysts even predicted a negative influence on the country’s economic situation following his actions.
The second country that might take such a bold move is Zimbabwe. They are researching the growth and risks associated with cryptocurrency as an asset. For now, the country is looking into the demand rate amongst the citizens. Also, they support the regulations that financial watchdogs have been insisting on for some time now. Moreover, Zimbabwe sees crypto as a way to develop the country more.
Now that many citizens are demanding crypto, the government is considering the option seriously. They disclosed this information through one of their local news outlets. The news also disclosed that the country is already discussing using Bitcoin as a legal tender – the Perm Sec Brig. Colonel Charles Wekwete confirmed this information. He also declared that the blockchain offers both positives and negatives.
However, due to these risks associated with the blockchain, many authorities are poised to develop regulations that can curb them. Also, the rules will protect consumers’ interests and protect Zimbabwe’s financial future. For now, the country hasn’t declared anything yet. They are simply consulting experts to know if the move will work. But the government is following National Development Strategy 1, which teaches the digital economic system.
El Salvador Set The Pace For Bitcoin
Since Nayib took the bold step amid criticisms, other countries have considered Bitcoin usage in their economy. Many negative comments concerning the move, and some are still ongoing. However, the first country to adopt Bitcoin seems not to be backing down at all.