Bitcoin has grown to become a globally recognized and used cryptocurrency over the past years. This cryptocurrency’s adoption rate has an annual surge of 113% based on Coinshares data. Compared to the internet, which has a rate of 63%, it’s definitely picking up fast and attracting more people. Hence, when El Salvador announced on September 7, 2021, that it would make bitcoin a legal tender, it brought about a new perspective on the possibilities of bitcoin in the future and its role. With El Salvador taking the lead on bitcoin adoption, several countries are finally pushing to make crypto a legal tender in their countries. Bills have been crafted and presented to the government. They touch on how Bitcoin will operate as a legal tender in countries such as Paraguay and Panama. Most of these countries are currently learning and identifying what impact the move to move could have and may soon join El Salvador. What Bitcoin as a Legal Tender Means Legal tender refers to any form of money that must be accepted in all debt forms or meet a financial obligation such as legal fees, taxes, or contracts. For example, in the United States, Federal Reserve notes and coins are recognized as legal tender. However, note that not all businesses have to accept a legal tender as payment for goods and services. A store can choose to accept cash or any other legal tender as they can develop their policies. Hence, even if a country makes Bitcoin a...
