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đ El Salvador Adopts Bitcoin as Legal Tender
On September 7, 2021, El Salvador became the first country in the world to adopt Bitcoin as legal tender, alongside the U.S. dollar. The move was spearheaded by President Nayib Bukele and shocked both the crypto and traditional finance communities.
đ The law required all businesses to accept Bitcoin as payment, and the government launched a wallet app called Chivo, offering citizens $30 in BTC to get started.
đ The goal? Boost financial inclusion, reduce remittance fees, and attract crypto investment to the country.
đ While the decision faced criticism from the IMF and credit agencies, and BTCâs price volatility created challenges, El Salvador remained committed â even buying BTC during dips.
đď¸ Today, Bitcoin-backed bonds and a proposed Bitcoin City make the country a global symbol of crypto experimentation.
đˇď¸ #ElSalvadorBTC #BitcoinLaw #CryptoAdoption #BitcoinCity #CryptoHistory
On September 7, 2021, El Salvador became the first country in the world to adopt Bitcoin as legal tender, alongside the U.S. dollar. The move was spearheaded by President Nayib Bukele and shocked both the crypto and traditional finance communities.
đ The law required all businesses to accept Bitcoin as payment, and the government launched a wallet app called Chivo, offering citizens $30 in BTC to get started.
đ The goal? Boost financial inclusion, reduce remittance fees, and attract crypto investment to the country.
đ While the decision faced criticism from the IMF and credit agencies, and BTCâs price volatility created challenges, El Salvador remained committed â even buying BTC during dips.
đď¸ Today, Bitcoin-backed bonds and a proposed Bitcoin City make the country a global symbol of crypto experimentation.
đˇď¸ #ElSalvadorBTC #BitcoinLaw #CryptoAdoption #BitcoinCity #CryptoHistory
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