The world, by its very nature, is constantly evolving. If you were to tell someone over a decade ago that Bitcoin (BTC) would become legal tender in any country, you would most likely be laughed at and ridiculed. Well, that is exactly what happened in El Salvador, as its president, Nayib Bukele, went ahead with his decision to make the flagship crypto legal tender and to have El Salvador be the first nation in the history of the whole world to do so.
Ever since that historic decision, other countries have been steadily following in El Salvador’s footsteps, with Ukraine being the most recent example as it talked about legitimizing crypto assets not too long ago. Cardano’s Charles Hoskinson, therefore, believes that the tone has been set by El Salvador and that we can expect other countries to follow suit in the foreseeable future when it comes to establishing laws around cryptocurrencies.
The future looks bright
Although there were some technological mishaps regarding the nationwide implementation of Bitcoin in El Salvador at the beginning, paying with BTC is slowly becoming a normal daily aspect of the country’s citizens. A large portion of the crypto community has since praised El Salvador on more than one occasion for what it has managed to accomplish, and many remain bullish on what this could mean for the crypto industry as a whole.
Hoskinson, therefore, believes that El Salvador has set the standard and that it is now up to other countries to try and follow suit. Charles reminisced about when Bitcoin had first started out and was not really taken all that seriously and how it is now becoming a key part of our everyday lives. He thus views the decision by El Salvador to make Bitcoin legal tender as an extremely significant milestone that will be talked about and looked back upon for years to come.
‘Crypto shall become an integral part of the monetary policies of several nation-states’
Charles acknowledged the importance of how the flagship crypto was able to achieve such a milestone despite the fact that it lacks a centralized structure. Changpeng Zhao, Binance CEO, voiced similar sentiments when he agreed that we could very well witness several other countries following in El Salvador’s footsteps before long.
Hoskinson added that as of now, nation-states all over the world would do well to utilize crypto as an integral aspect of their respective monetary policies, which could be done via using crypto as reserves in various central banks, or by simply making the new digital asset class a national currency similar to what El Salvador has done.