The chief executive officer of Binance crypto exchange responded to a tweet on “bitcoin adoption by the two countries”.
Changpeng Zhao is the CEO of Binance crypto exchange. Binance exchange is currently standing at the first rank in the whole crypto industry, in terms of the highest crypto trade volume contributor. Exchange is known to provide services with full security and quality with a better user experience.
On 30 April, Newzealand based popular Bitcoin investor Lark Davis tweeted that a total of two countries have adopted Bitcoin as Currency officially.
Changpeng Zhao responded to the tweet and noted that no one country is willing to go first and also no one country has dared to remain last.
In this way, Binance’s CEO asserted that more and more countries will follow each other and adopt Bitcoin as a legal currency.
Another crypto proponent supported the comment of the Binance CEO and noted that it remains beneficial to step first, as a first-mover advantage, but at the same time first-movers needed to do huge work.
El Salvador & Central African Republic
No doubt that El Salvador and the Central African Republic (CAR) adopted Bitcoin as legal tender under legal laws and rules but in reality here, the situation for both the countries was different “during the Bitcoin adoption”.
When El Salvador was in the initial phase of Bitcoin adoption, the country’ govt faced huge criticism and trolling from other countries’ experts. Nayib Bukele, president of El Salvador, also faced backlash from their opposition leaders.
But the path for CAR was not hard to adopt Bitcoin as Currency because it followed the footsteps of El Salvador and also faced a very small extent of criticism.
Now other countries, which are interested in adopting Bitcoin as a currency, will not face huge issues because they already have two example and two existing Bitcoin as currency use framework, which they can adopt blindly with small modifications.