It started earlier this year with El Salvador being the first country to recognize Bitcoin as legal tender and not to long after rumors began to curculate that more countries were planning on doing so. Some countries even had different ministers or people in government office that made comments relating to crypto becoming a part of their financial systems.
Today it came out that now Cuba has joined El Salvador in recognizing and legalizing crypto as payment. This country though bring with it some baggage though with it accepting crypto. That is they could utilize it as a sanction dodger and this makes me wonder if more and more developing countries who are sanctioned are going to follow suit.
In my opinion this would be worse case scenario for the field as developed countries could very well become even more hesitant in crypto adaptation. Now I do not think that government powers would move to prevent adaptation at least not within the United States as to many large companies that are now publicly traded are invested in Bitcoin itself or mining. Government hesitancy though is something that well could very well happen.
It is known that the US Government has been paying companies to find ways to track Bitcoin and privacy coins so that they would be able to see where funds were going. A lot of people in the space have issue with this and while I am no fan of it myself I would rather not see people who wish me or my way of life harm by using crypto to pay for their activities. It has been documented that terrorist organizations around the world have tried or used crypto to move funds to their organizations. This is something that I hate and personally do not mind being prevented.
If the crypto world could do it itself and with regularity I would love it however it is not something that I had seen from the realm. Thus governments oversite in this situation I am not entirely against which I know is not popular. There are also governments like North Korea that let their citizens die of starvation while the government and ruling class enrich themselves. I personally do not want to take part or feel like I have blood on my hands from regimes like these.
I hope to see more developed nations take a more positive stance on Bitcoin and the crypto world in general. One thing that is super beneficial is that several large corporations have bought or invested so much money in certain cryptos that it is near impossible for developed nations to ban cryptos or severely hamper them to much. These developed nations are not going to harm these companies that hire so many of their citizens or have a large influence on the public. Its a blessing and a curse but it is something that tends to ring true throughout history.
