đ El Salvador Becomes First Country to Adopt Bitcoin as Legal Tender
In September 2021, El Salvador made history by becoming the first country in the world to recognize Bitcoin as legal tender. President Nayib Bukeleâs government passed the law in a bold attempt to modernize the countryâs economy and reduce reliance on the U.S. dollar.
đ± As part of the rollout, the government launched a wallet app called Chivo, offering citizens $30 worth of BTC for signing up. Businesses were required by law to accept Bitcoin, though many expressed skepticism and concern about volatility.
đïž The government also started buying BTC for its treasury and began building âBitcoin Cityâ, a tax-free crypto hub powered by geothermal energy from volcanoes.
â ïž While praised by crypto enthusiasts worldwide, international institutions like the IMF raised red flags, citing risks to financial stability and transparency.
đ„ El Salvadorâs experiment remains ongoing â with ups and downs â but it undeniably marked a new era in crypto adoption.
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