As soon as El Salvador made it official that it is adopting Bitcoin and other cryptocurrencies as legal tender, Panamanian Congressman Gabriel Silva introduced a bill, ‘Crypto Law’ and Ukraine passed a draft law to legalise cryptocurrencies.
But the legal boost for cryptocurrencies did not go down well with everybody in El Salvador where the country is divided on the impact it will have on a battered economy.
Many Salvadorans are concerned about the volatility of cryptocurrency and how the scheme will work.
On Bitcoin’s first day as legal tender, the currency crashed to its lowest in nearly a month, falling from $52,000 (£37,730) to under $43,000 at one point.
Angry protests followed by technological glitches marked the first day of El Salvador adopting Bitcoin as legal tender.
In El Salvador where the US dollar is the official currency, every citizen has been gifted $30 in bitcoin that they can use to shop or pay their taxes while companies must accept it by law.
While the Panamanian Congressman has designed a bill that will make bitcoin legal tender in the country, Ukraine’s law is not as straightforward and it only allows for the regulation of crypto instead of recognising it as legal tender.
