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As of today, Bitcoin is an official currency of ElSalvador alongside the US dollar, after the Central American country became the first to adopt the cryptocurrency as legal tender. But there are fears that the adoption of such a historically volatile currency could harm Salvadorans, and risk economic stability.
ElSalvador introduced Bitcoin as a legal tender alongside the US dollar in 2021. The International Monetary Fund’s executive board has recommended ElSalvador no longer use Bitcoin as a legal tender , citing potential risks to financial stability and consumer protection. Illustration by Alex Castro / The Verge.
ElSalvador has passed a resolution to make Bitcoin a legal currency, which makes it the first country to do so ( via The Guardian ). According to the law, citizens will be able to use Bitcoin to do everything from paying taxes and paying off debts to buying goods and services. Illustration by Alex Castro / The Verge.
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