When El Salvador legalized Bitcoin on September 7, 2021, most of the economies criticized their stance with the IMF compelling El Salvador to reverse the decision of adopting BTC as a legal tender or be prepared for the consequences in the near future. Fast forward to 2022, we do see other countries following in the footsteps of El Salvador like India recognizing crypto as an asset and taxing any trade-in cryptocurrencies at a flat 30% rate.