El Salvador: The Implementation of Bitcoin as Legal Tender

El Salvador made global headlines on June 9, 2021, by becoming the first country to adopt Bitcoin as legal tender. This unprecedented move, spearheaded by President Nayib Bukele, aimed to modernize the economy and increase financial inclusion. The implementation included the launch of the Chivo Wallet and Bitcoin ATMs, along with significant government investments. While the initiative sparked international interest and boosted tourism, it also faced skepticism due to Bitcoin’s volatility. This article explores the economic and social impacts of this bold experiment, highlighting both the opportunities and challenges of integrating cryptocurrency into a national economy.