Powered by momentummedia
nestegg logo
nestegg logo

Invest

More countries to adopt bitcoin as legal tender in 2022

  • January 05 2022
  • Share

Invest

More countries to adopt bitcoin as legal tender in 2022

By Maja Garaca Djurdjevic
January 05 2022

Experts expect more countries to follow El Salvador’s lead and adopt bitcoin as a legal tender in 2022.

more countries to adopt bitcoin as legal tender in 2022

More countries to adopt bitcoin as legal tender in 2022

author image
  • January 05 2022
  • Share

Experts expect more countries to follow El Salvador’s lead and adopt bitcoin as a legal tender in 2022.

more countries to adopt bitcoin as legal tender in 2022

Countries across Latin America and Asia, in particular, are expected to follow El Salvador’s lead and adopt bitcoin as a legal tender next year, but most countries are also expected to develop more stringent regulations.

Looking to the future, Sebastian Markowsky, chief strategy officer of Coinsource, noted that while regulation is generally a good thing, it must be reasonable and fairly applicable to all.

“The industry is on a good path to increase the standards by which it measures compliance but there needs to be a dialogue between experts on both sides of the regulatory debate,” Mr Markowsky said.

Advertisement
Advertisement

“Nefarious activity within the crypto space has been on a steep decline for several years now. Alignment on regulation – such as that in the EU with MiCa – will create a level playing field that will allow for continued growth in the long term.

“We hope the US will soon follow in providing regulatory clarity and guidelines that will keep them on foot as a key hub for global crypto innovation,” Mr Markowsky added.

Similarly, Witek Radomski, co-founder and chief technology officer of Enjin, believes all eyes will be on the developing regulatory landscape in 2022.

“Movements by China and the US Securities Exchange Commission (SEC) will be a major talking point, as will smaller countries like the Netherlands talking about banning bitcoin. Compliance and education are key,” Mr Radomski said.

And while he doesn’t consider regulation to be an existential risk to crypto, he noted that adoption could be much slower if countries take a more hostile stance.

Mr Radomski warned that “shortsighted regulators and overbearing legislation stifles growth”.

The experts, however, agreed that the mainstream adoption of crypto would persist in 2022.

More countries to adopt bitcoin as legal tender in 2022
nestegg logo

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates
Rate the article

About the author

author image

Maja Garaca Djurdjevic is the editor of nestegg and Smart Property Investment. Email Maja at [email protected]

About the author

author image
Maja Garaca Djurdjevic

Maja Garaca Djurdjevic is the editor of nestegg and Smart Property Investment. Email Maja at [email protected]

More articles

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.