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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 ). The proposal was passed by ElSalvador’s congress on Tuesday night, after Bukele announced it at a Bitcoin conference in Miami last week. Illustration by Alex Castro / The Verge.
Bitcoin has integrated with a layer-two protocol called the Lightning Network to increase its speed and efficiency while lowering transaction costs, a piece of infrastructure used by the nation of ElSalvador and major crypto exchanges such as Kraken. More than just an asset.
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