Ukraine and Panama intend to follow El Salvador‘s lead in the crypto space

A few hours after Bukele recognised Bitcoin as legal cash in El Salvador, a Panamanian deputy spoke about the country's next government projects. Additionally, the Central American government plans to adopt cryptocurrency before the end of the year.

The global adoption of Bitcoin may be huge

Panama introduces a cryptocurrency bill to capitalise on emerging Blockchain technology. This Bitcoin adoption intends to make Panama more attractive as a source of employment and to make national activities more transparent.

The decree will ensure legal, fiscal, and regulatory security for all Panamanian citizens, allowing them to easily use, save, and exchange cryptocurrencies. This legal initiative discusses Bitcoin as a legal cryptocurrency, as well as other prominent coins such as Ethereum, ADA, and Solana.

While Panama has begun work on its cryptocurrency initiative, Ukraine has begun work on a legislative framework that will assist cryptocurrency. However, unlike the Panama treaty, this order has the exclusive purpose of regulating cryptos. Ukraine intends to centralise control of decentralised currencies and to link them to the native currency, the hryvnia.

Ukraine will normalise cryptocurrency trading through the issuance of a new currency, likely a stablecoin. These adoption efforts have been replicated in China, where the YenCoin was launched.

What about the future of cryptocurrencies?

Cryptocurrencies gained popularity last year, reaching a peak of $64000 in May. With such a high price, it was surprising to see that Bitcoin had lost 50% of its worth. Bitcoin is one of the most commercialised currencies today, and as a result, organisations such as Visa have pondered developing decentralised payment systems.

Latin American countries like as El Salvador, Panama, Cuba, Venezuela, Brazil, Colombia, and Argentina have been receptive to Bitcoin adoption, which has increased the currency's value. Taking this wave of adoption into account, the future of Bitcoin and cryptocurrencies may be prosperous in terms of supplanting the current financial market.

For the time being, this new Bitcoin acceptance increases the cryptocurrency's market capitalisation to $859,171,183,394 and its circulating supply to more than 18 million BTC, according to CoinMarketCap. The cryptocurrency is trading at a steady $45,669, with a 0.95 percent recovery in the last 24 hours. Before the end of the year, Bitcoin may achieve a new all-time high.

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