Since the announcement that El Salvador would establish bitcoin as legal tender in June, speculation has swirled around which other countries may follow suit.
Some believe El Salvador’s hasty rollout indicates that building an effective payment system may take time, others see Latin American nations accepting the world’s largest cryptocurrency by the end of next year.
“There’s a lot of noise, there’s a lot of attention around crypto, and there are several exchanges across the region, and particularly in Mexico, Colombia, Brazil, Argentina,” said Anabel Perez, CEO and co-founder of NovoPayment. “But I think we’re in the early stage of seeing the impact of crypto in Latin America economies.”
Two days after El Salvador President Nayib Bukele declared that bitcoin would become legal tender on June 5, the Bitcoin Law was passed. The Law included the controversial Article 7, under which businesses are required to accept bitcoin for all payments.