A public survey of the cryptocurrency community indicates that Brazil is less likely to use bitcoin as legal tender than neighboring countries such as Paraguay and Venezuela.
It is worth remembering that only two countries have adopted bitcoin as legal tender, El Salvador and the Central African Republic. However, the African country backed out of its position and only left bitcoin with the condition of legal tender, but not legal tender.
For example, until 2023, the Central Bank of Brazil only recognizes Bitcoin and other cryptocurrencies as digital assets, or cryptoassets, and not as currencies.
The adoption of Bitcoin as legal tender involves several complex factors. It depends on political will, regulatory acceptance and understanding of the technology, effects on the national economy and other related aspects.
Research indicates that Brazil is less likely to adopt bitcoin than Paraguay and Venezuela
On the CoinMarketCap website, cryptocurrency investors can track more information about the market in addition to price.
And one of them involves a prediction of which country will adopt bitcoin as legal tender next. Surprisingly, Paraguay is the country in first place, with more than 200 thousand votes, indicating that it will be the next country to regulate the digital currency.
Already in second place, Venezuela gets just over 170,000 votes as another potential country to regulate bitcoin as legal tender. Interestingly, with 32,000 votes, Brazil is only the 8th country whose prediction indicates it will regulate bitcoin as a legal currency.
The forecast also places the island of Anguilla, which is in Central America, as the third potential jurisdiction to adopt bitcoin. Ukraine (4th) and Russia (6th), which are at war, also appear in the top spots in the survey, as does the US (5th), which has started a hunt for companies in the crypto market.
Bitcoin adoption depends on several factors
While it is difficult to make predictions about the future, it is important to note that some countries have shown increasing interest in using cryptocurrencies. For example, in 2021 El Salvador became the first country to adopt Bitcoin as legal tender. However, each country has its own unique circumstances and considerations.
Therefore, if Brazil decides to make Bitcoin legal tender in the future, it will depend on several factors such as political changes, technological advances, popular acceptance, and regulatory measures.
On June 19, 2023, the country will receive its first regulation on the subject, with the so-called Marcos das Cryptocurrencies, regulating digital currencies in the country, as well as exchanges.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
