One of the main knocks against cryptocurrency has always been that it will never gain universal adoption, meaning its usefulness will always be limited. This perhaps changed forever on September 7, 2021, when El Salvador officially became the first country in the world to accept Bitcoin as legal tender.

See: 10 Major Companies That Accept Bitcoin
Find: Bitcoin and Crypto Taxes in 2022: What You Need To Know

While adoption by a small central American country isn’t enough to cement Bitcoin’s status as a real-world currency, it could be the first domino to fall. Other countries are already studying El Salvador’s historic move, and if they deem it to be viable, Bitcoin may indeed be on its way to universal acceptance. Here are four other countries to watch, as they seem to be among the most likely to follow El Salvador’s example.

Panama

Panama borders El Salvador, so perhaps it shouldn’t be too surprising that it’s on the short list of companies that may soon make Bitcoin legal tender. And, unlike many other countries that are rumored to be considering the move, Panama actually drafted legislation to make Bitcoin legal tender the very day after El Salvador officially adopted the cryptocurrency.

Although no law has yet been passed, Panama is the country furthest along in the race to be the second country to adopt Bitcoin as legal tender.

Check Out: 10 Numbers You Need To Know About Crypto

Cuba

Cuba hasn’t fully adopted cryptocurrency as legal tender, but it has made movements in that direction. Officially, the country now recognizes and regulates cryptocurrencies, meaning its citizens are free to use them. This move came about in part due to tightening regulations by the U.S. on money transfers between Cuba and the United States, including the closure of all 400-plus Western Union offices in the country.

Now, Cuban citizens can use cryptocurrency to make money transfers, and they can even get paid for their work in crypto.

Related: Bitcoin May Soon Be Accepted Like Cash in Arizona

Ukraine

Ukraine hasn’t quite legalized cryptocurrency as legal tender, but it’s taking steps in that direction. In Sep. 2021, the country’s parliament adopted a law legalizing and regulating cryptocurrency in a nearly unanimous vote. The country is making more concrete statements about its future position in the crypto world, as well.

According to the New York Times, just two years ago, the country created a Ministry of Digital Transformation, and its deputy minister Alexander Bornyakov says, “The big idea is to become one of the top jurisdictions in the world for crypto companies. We believe this is the new economy, this is the future and we believe this is something that is going to boost our economy.” Other reports suggest the country will operate a “dual currency state” as early as 2023, with Bitcoin and the country’s fiat currency hryvnia co-existing as legal currencies.