Which countries will adopt Bitcoin as a reserve asset

A few countries have used cryptocurrencies like Bitcoin for reserves or have related initiatives.

On September 7, 2021, El Salvador became the first country to adopt Bitcoin as legal tender alongside the US dollar, with its government actively purchasing Bitcoin and promoting its use to facilitate transactions for citizens.

In April 2022, the Central African Republic became the second country to adopt Bitcoin as legal tender, attempting to integrate into the global economy and provide its citizens with more financial freedom.

In the same year, Ukraine passed a cryptocurrency law allowing Bitcoin to be legally traded and be part of its reserve assets, aiding in fund transfers and enhancing fiscal autonomy amid external sanctions.

In 2021, Panama legislated to make Bitcoin and other cryptocurrencies legal investment tools; although not classified as legal tender, the government publicly supports them as reserve assets and investment tools while building a legal framework to ensure the legality of transactions.

Countries like Argentina, Venezuela, and Zimbabwe are also considering or have already taken related measures, largely due to economic instability, currency devaluation, or external sanctions that have made them attentive to cryptocurrencies.

However, Bitcoin faces uncertainties due to price volatility, regulation, and market acceptance, prompting governments to carefully consider and make prudent decisions when deciding whether to include it as a reserve asset.

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