Babiak believes many countries are on verge of this financial breakthrough. He also points to Bitcoin likely being the top contender given its status as the most popular crypto.
‘Satoshi Nakamoto’s vision of Bitcoin was one of the payment methods capable of opening the world of finance to people who don’t have access to traditional banking due to political, geographical or technological reasons. Just like the Internet has changed the way of distributing information by creating a worldwide network, cryptocurrencies (Bitcoin, in particular) were created as a global product that makes the best of advanced transferring technologies’, says Babiak.
‘Our confidence in this vision led us to found Exeno.com, an e-commerce pioneer in crypto payment adoption. Following Nakamoto, we firmly believe in crypto’s potential as a means of payment, not only an investment or a way to speculate. It’s simply the future, one perfectly aligned with the global interconnectedness. Therefore, we are especially’, Babiak continues.
On 8 September 2021, the Ukrainian Parliament has near-unanimously legalised the use of cryptocurrency, setting up the ground rules for its use. Though this law does not go as far as El Salvador’s, it certainly illustrates a trend of countries increasingly embracing the crypto revolution. According to Oleksandr Bornyakov, the deputy minister of digital transformation, the regulation ‘will benefit society, business, and the state’.
Though cryptocurrency is still not legal tender in Ukraine, it has officially left the grey area, as users now benefit from legal protection against fraud. According to Kyiv Post, the country also plans to open the cryptocurrency market to businesses and investors by 2022. It’s certainly great news for the Ukrainian crypto world.
Some Latin American countries, where cryptocurrency usage is at its peak, are also considering formally legalising crypto. Cuba’s parliament passed its own crypto law regulating the use of cryptocurrency due to ‘reasons of socioeconomic interest’. Paraguay, Panama, Mexico, and Brazil could be the next countries to turn to crypto as a way of mitigating the effects of the weakened economy, following the steps of El Salvador.
Crypto is an innovative payment method with many advantages, including transaction speed, security, small fees, and round-the-clock availability. We believe that the resulting benefits will be recognized by more countries, paving the way to cryptocurrencies becoming a widely used and honoured means of payment.