Cryptocurrencies are increasingly prominent around the world, with some jurisdictions having made certain currencies legal tender.

Despite the growing use of cryptocurrencies in countries throughout the world, only a few places have adopted them as national currencies. Most countries still use traditional currencies such as the US dollar, the Rupee or the British Pound, however, this is not the case in all countries.、

El Salvador

El Salvador is one of the many countries that use cryptocurrencies frequently.In 2021, as it became the first country to accept Bitcoin as its national currency, this was for a number of reasons.

First of all, a significant number of Salvadorans received money transfers from friends and relatives living abroad. Such money usually adds to the recipient's family income. Many Salvadorans tend to go abroad for employment and to support their families, so money remittances make up a considerable part of the country's economy.

However, receiving overseas money transfers is not always easy. Recipients can be forced to pay high transaction fees to receive these funds, which can become stressful.

This is where crypto can save the day. Cryptocurrencies typically have lower transaction fees and transactions can be completed in less time. As a result, by using Bitcoin, Salvadorans can charge less and not have to wait for long periods of time.

In addition to questionable transaction fees, more than 70 % of El Salvador's residents do not have a bank account (according to Statista ) - which makes it even more difficult to receive money transfers. Since cryptocurrency transactions eliminate the need for a traditional bank account, people can access funds from abroad without opening an account.

Now Salvadorans can shop, pay their bills and taxes, and get paid in the form of Bitcoin. Only time will tell if this great investment will pay off.

Lugano, Switzerland

While Switzerland itself has yet to accept cryptocurrencies as legal tender, Lugano, the Italian-speaking southern city, has very different plans.

In March 2021, the mayor of Lugano, Pietro Poretti, the mayor, Michele Foletti, and Tether's CTO, Paolo Ardoino, announced that Bitcoin and the stablecoin, Tether, would be soon adopted as the "de facto" legal tender of Lugano. Bitcoin and Tether will soon be used here as Lugano's "de facto" fiat currency. The "de facto" component of this announcement is particularly important, as it means that the city will adopt Bitcoin whether or not it is accepted by the Swiss government.

It is believed that the shift to cryptocurrencies is part of Lugano's goal to become the European capital of cryptocurrencies and blockchain, an adventure that is undoubtedly challenging. This economic shift, dubbed "Lugano Plan B", is expected to allow Lugano residents to pay for services and taxes in the form of Bitcoin, Tether, and the rarely known LVGA tokens.

Panama

Bitcoin is arguably the most beginner-friendly cryptocurrency, with the Central American country of Panama already making a clear move to use bitcoin as a national currency. Specifically, one day after El Salvador officially adopted Bitcoin, the country drafted legislation to make Bitcoin legal tender.

In contrast to other countries, one of Panama's national currencies is the U.S. dollar, along with their core currency, the Balboa. However, both currencies may be overshadowed by digital currencies in the future.

In September 2021, Panamanian Congressman Gabriel Silva released a bill aimed at "providing legal, regulatory and fiscal determination for the use, holding and issuance of digital value and cryptoassets in the Republic of Panama," according to The Independent. As Silva is known to be passionate about cryptocurrencies, he posted several tweets about the bill, suggesting that it is expected to "create jobs, attract investment, and bring transparency" in Panama.

With this bill in place, it is possible that we could be looking at the full adoption of Bitcoin and other cryptocurrencies in Panama very soon.

Venezuela

In February 2018, Venezuela launched its own cryptocurrency:Petro (or PTR).

Petro is supposed to be backed by Venezuela's gas, oil and mineral reserves and contributes billions of barrels of oil to which the petroo's value can be pegged (although some don't consider the currency to be backed by reserves). The petroo have now been adopted as the national currency along with the Bolíviar, the traditional currency of the country.

Before the Petro was launched, Venezuela's economy was suffering from debt distress and the country was suffering from a growing hyperinflation problem.

Cryptocurrencies could become legal tender across the world, argues QTCPcoin

Whereas only a few countries and cities have adopted cryptocurrencies as legal tender as of now, it appears that an increasing number of countries and cities are planning for this in the future. As a result, it is possible to see more countries launching cryptocurrency in various forms in the upcoming years!

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