• El Salvador is the Bitcoin Adoption promoter, and Panama follows its example.
• Ukraine seeks to regulate cryptocurrencies and create a stablecoin.
Since the El Salvador government made the Bitcoin adoption in the hands of the Nayib Bukele cabinet, many countries have considered their position with the decentralized market. Ukraine and Panama seem to be the next operators looking to benefit from the virtual market.
A few hours after Bukele approved the use of Bitcoin as legal tender in El Salvador, a deputy from Panama spoke about the next government projects. The country in Central America also intends to adopt cryptocurrencies before the end of the year.
Bitcoin adoption in the world could be massive
Panama launches the cryptocurrency bill to take advantage of the new Blockchain technology. This Bitcoin adoption aims to make Panama offer a new source of jobs and make national operations clearer.
The decree will provide legal, fiscal, and regulatory security so all Panamanian citizens can use, save and exchange cryptocurrencies without problems. This legal project addresses Bitcoin as legal crypto and another popular cryptocurrency, including Ethereum, ADA, and Solana.
While Panama was activated with its cryptocurrency project, in Ukraine, a legal plan is activated that will benefit cryptos. However, this decree is not as free as the Panama treaty but only has the objective of regulating cryptos. Ukraine seeks to control decentralized currencies and give them a value pegged to the local currency, Hryvnia.
Ukraine will normalize cryptos trading with a currency they will issue, possibly a Stablecoin. These actions on adopting cryptocurrencies have also been seen in China, where the YenCoin was issued.
What about the cryptocurrencies future?
Cryptocurrencies had gained fame from last year until May when the Bitcoin price hit $64000. With such a high price, it was a surprise when Bitcoin lost 50 percent of its value. Today, Bitcoin is one of the most commercialized currencies, so companies like Visa have considered creating decentralized payment systems.
Latin countries such as El Salvador, Panama, Cuba, Venezuela, Brazil, Colombia, and Argentina have been open to Bitcoin adoption, which improves its value. Taking this adoptions wave into account, Bitcoin and cryptocurrencies’ future may be prosperous in replacing the current financial market.
For now, this new Bitcoin adoption brings the crypto to a market capitalization of $859,171,183,394 and a circulating supply that exceeds 18 million BTC in the world, according to CoinMarketCap. The crypto has a stable price of $45,669, with a short recovery of 0.95 percent in 24 hours. Before the end of the year, Bitcoin may reach a new milestone at its maximum value.