Latin America eyes Bitcoin adoption after El Salvador law

Latin America

The future approaches. Several counties in Latin America have expressed interest in Bitcoin, following the momentous development of El Salvador passing a law making the cryptocurrency legal tender.

These include countries like Argentina, Brazil, Mexico, Panama, and Paraguay.

Even Tanzania and Tonga have reportedly expressed interest in adopting the world’s most popular cryptocurrency. Officials from these nations are pressing for wider adoption of Bitcoin in order to facilitate new businesses.

As an example, Gabriel Silva, member of parliament in Panama congratulated El Salvador in a tweet when the Bitcoin law was approved, emphasizing that the move is teaching the government of his country entrepreneurship and technology, while betting on the knowledge economy.

He said:

“This is important, and Panama cannot be left behind. If we want to be a true technology and entrepreneurship hub, we have to support cryptocurrencies. We will be preparing a proposal to present at the assembly.”

Likewise, Carlitos Rejala, a congressman and the national deputy of Paraguay has called for his government to take similar action to El Salvador. Same goes for officials in other countries showing interest in Bitcoin after the passing of the law.

Even JPMorgan, the US megabank recently said that similarly situated countries could follow El Salvador in making Bitcoin legal tender.

This much is certain that while this may be unchartered territory for the cryptocurrency, there has been no other time where nations eyed Bitcoin adoption in this fashion. If this picks up, then we could be looking at the digital coin that started it all in a whole different way.

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