Loved by some, hated by others. In El Salvador Bitcoin is a legal tender — in Turkey it’s illegal. But what is the future of cryptocurrencies? There are few options.
Cryptocurrencies are proliferating. The global crypto adoption index is skyrocketing, people are using cryptocurrencies, some sports clubs have bitcoin on their shirts. Mass adoption of crypto is inevitable — it rose 881% only in the past year! What will the future of cryptocurrencies look like? Which countries are leading the change? Read our opinion below.
You cannot speak about cryptocurrency mass adoption without mentioning El Salvador — the first country in the world that adopted bitcoin as its legal tender. It’s too early to say how it will work out. Still, it is definitely an intriguing move by president Nayib Bukele and his government. To check our opinion about El Salvador’s Bitcoin adoption, please see the article here.
Vietnamese people cannot use their Bitcoin to buy a cup of coffee, but they sure know a thing or two about cryptocurrencies. According to a recent survey done by Finder, Vietnam is a country where the highest percentage of people (41%) own cryptocurrency. Crypto is still not regulated in the southeast Asian country, but the government is looking at ways to do that.
Turkey is believed to have a high rate of citizens who have owned or used cryptocurrencies (around 20%). With high inflation rates, Turkish citizens are looking for alternatives when it comes to protecting their savings. Unfortunately, unlike in El Salvador, cryptocurrencies are banned from being used as payment methods, which complicates the whole situation.
In Ukraine, cryptocurrencies are currently a part of the legal grey area. As in many countries, the rules are unclear; people using cryptocurrencies are often watched by law enforcement. The ‘’usual’’ — money laundering and scam accusations were accompanying cryptocurrencies in Ukraine. It looks like it is about to change. The Ukrainian Parliament recently has adopted a law set to regulate cryptocurrency and make it legal to use. The final step for it is to get signed and implemented by the president.
Another country that loves cryptocurrencies and struggles in terms of regulating them. With 30% of the population reporting owning a cryptocurrency, India is located in 3rd place globally. Nevertheless, it looks like soon, their status of cryptocurrencies could be regulated.
Considering the above-mentioned countries (and many more), there’s definitely a need to regulate cryptocurrencies. Let’s look at a few possible scenarios of how the future of cryptocurrencies will look like.
Scenario I — positive
More countries will start following the path of El Salvador and will start adopting cryptocurrencies as legal tenders. There are voices that countries such as Panama want to introduce cryptocurrencies as a form of payment (even for taxes!). In that scenario, we would see most countries in the world following this course. Within 10–15 years, most countries would accept digital currencies as legal tender.
Scenario II — neutral
Some countries will follow the path of El Salvador. Yet, other countries will start issuing Central Bank Digital Currencies (CBDCs), which are a form of digital currency. However, unlike cryptocurrencies, CBDCs are centralized and impose a danger to people’s privacy. In this scenario, people would likely keep using cryptocurrencies to avoid being controlled by governments.
Scenario III — negative
Bear market comes, bitcoin dips, El Salvador panic-sells Bitcoin and the digital currency is not a legal tender anymore. Countries such as the United States or the United Kingdom decide to ban Bitcoin and other cryptocurrencies. Owning them, interacting with them and using them will be banned. Obviously, this ban would be challenging to enforce. Still, most people wouldn’t want to risk it and cryptocurrencies will become less and less popular. Sounds like a scenario of a horror movie? Fortunately, it is not very likely to happen!
Above these three possible scenarios, we have many other options. Those scenarios can also mix and match. However, we wanted to show you what can happen in the future.
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