In September 2021, El Salvador became the first country in the world to recognize $BTC as legal tender alongside the US dollar. The country's president, Nayib Bukele, stated that this move would help citizens without access to banks (which is more than 70% of the population) use financial services via smartphones.
To facilitate this, the government launched the Chivo Wallet app and even gave away $30 in $BTC to everyone who installed it. A network of Bitcoin ATMs was also launched, and the ability to pay for goods and services with cryptocurrency was implemented.
The project sparked a lot of controversy but became historic — El Salvador entered the textbooks as the first country to believe in cryptocurrency at the state level.
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