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El Salvador became the first country in the world to use bitcoin as legal tender, after having been adopted as such by the Legislative Assembly of El Salvador in 2021. [1] It has been promoted by Nayib Bukele, the president of El Salvador, who claimed that it would improve the economy by making banking easier for Salvadorans, and that it would encourage foreign investment.
The Bitcoin Law [6] (Spanish: Ley Bitcoin, pronounced [ˈlej biðˈkojn]) [7] was passed by the Legislative Assembly of El Salvador on 8 June 2021, giving the cryptocurrency bitcoin the status of legal tender within El Salvador after 7 September 2021. [8] It was proposed by President Nayib Bukele. The text of the law stated that "the purpose of ...
In 2021, El Salvador became the first country to make the cryptocurrency legal tender alongside the U.S. dollar, which it adopted two decades earlier. Lawmakers in El Salvador rush new bitcoin ...
The legal status of cryptocurrencies varies substantially from one jurisdiction to another, and is still undefined or changing in many of them. [1] Whereas, in the majority of countries the usage of cryptocurrency isn't in itself illegal, its status and usability as a means of payment (or a commodity) varies, with differing regulatory implications.
Stacy Herbert, El Salvador's national bitcoin office director, wrote on X that bitcoin would remain legal tender in the Central American country, and that the government would keep adding to its ...
In 2021, El Salvador became the first country to adopt Bitcoin as legal tender, mandating that businesses accept the leading cryptocurrency as a form of payment and rolling out a digital wallet ...
In September 2021, the Bitcoin Law made bitcoin legal tender in El Salvador, alongside the US dollar. [4] The adoption has been criticized internationally and within El Salvador. [4] [123] In 2022, the International Monetary Fund (IMF) urged El Salvador to reverse its decision. [124]
In September 2021, El Salvador became the first country in the world to establish bitcoin as legal tender, earning it harsh criticism. One of the strongest critics was the IMF, with which the ...