How Is The World Adopting Bitcoin and Altcoins?

cryptocurrency

It has been over a year since Bitcoin and major altcoins entered the mainstream. The adoption of digital assets is showing no signs of stopping. What was once initiated by geeks, cryptos has now gained support from big companies, government departments and countries. 

El Salvador – the first country to adopt Bitcoin

El Salvador has been making leaps and bounds in the legalization of Bitcoin in the past months. The president first announced that Bitcoin will become the country’s legal tender at the 2021 Bitcoin Conference on June 5th. A few days later, on June 9th, El Salvador’s Legislative Assembly passed the “Bitcoin Law” with 62 votes in favor and 22 votes against it. The proposal took effect within 90 days. Since then, El Salvador has officially become the world’s first country to recognize Bitcoin as a legal tender. On June 24th, El Salvador announced a $135 million airdrop program for each newly opened account.

El Salvador’s move has won the support of many Latin American countries, and there are even lawmakers from other countries who are very interested in the legalization of Bitcoin. As the king of cryptocurrency, Bitcoin is considered to be the “nemesis” of the US dollar that could break the US financial hegemony, and fight against hyperinflation in many countries. 

Burger King Brazil to accept Dogecoin payment 

Burger King Brazil started to accept Dogecoin payment for its dog food “Dogpper” on Jun 26. Each “Dogpper” worth 3 Dogecoins, approximately US$0.6. When purchasing, buyers need to transfer Dogecoin to Burger King’s virtual wallet. Burger King recommends each buyer buying up to 5 “Dogppers” per order.

“Dogpper” is a barbecue-flavored dog biscuit snack that was first launched in Argentina in 2019. The original intention of the snack was for the owner and pets to enjoy the food together. At the moment, buyers can’t purchase any human food with Dogecoin. 

Paypal to roll out crypto “super wallet”

PayPal users may not have to wait too long to enjoy more services featuring cryptocurrency. During PayPal’s Q2 2021 investor update call, CEO Dan Schulman said the super wallet app is “code complete,” and it is available to US customers in the next several months. Each wallet will be “unique, composed of advanced artificial intelligence and Driven by machine learning capabilities”. As of June 30, Paypal had more than 400 million active user accounts, and the total payment volume in the second quarter of 2021 was 311 billion U.S. dollars. The company also added 14.5 million new active accounts, bringing its user base to 392 million. Venmo, a payment company under PayPal, launched cryptocurrency transactions in April, with a total payment volume of approximately $58 billion in the second quarter of 2021, with 76 million active accounts.

Singapore to become the next hub of crypto?

A recent poll shows that 93% of people have heard of cryptocurrency and 66% of young people own crypto assets. Singapore, a key financial hub in Asia, has been one of the most crypto-friendly Asian countries.

According to Tharman Shanmugaratnam from the Monetary Authority of Singapore (MAS), Singapore’s central bank is reviewing applications for licenses to provide crypto services. At the moment, crypto service providers have filed 480 applications but no license has been issued to digital payment token service providers to date. 

Meanwhile, cryptocurrency companies are accelerating their pace in launching businesses in Singapore. Gemini, one of the biggest crypto service providers in the world, is offering many jobs at its Singapore office. Binance, the world’s largest crypto exchange by trading volume, has set its headquarter in Singapore while it faces crackdowns in many other countries. As an important financial hub, Singapore accepting cryptos will further boost the demand for cryptos.