Bitcoin in El Salvador

Common card · No. 234674

El Salvador was the first country in the world to use bitcoin as legal tender, after it was adopted as such by the Legislative Assembly of El Salvador in 2021. It has been promoted by Nayib Bukele, the president of El Salvador, who claimed that it would improve the economy by making banking easier for Salvadorans, and that it would encourage foreign investment. In 2022, more Salvadorians had Bitcoin Lightning wallets than bank accounts. The adoption was criticized both internationally and within El Salvador, due to the volatility of bitcoin, its environmental impact, and lack of transparency regarding the government's fiscal policy. By 2024, El Salvador had agreed to partially limit its involvement with bitcoin as part of a deal made with the International Monetary Fund (IMF). In February 2025, bitcoin was rescinded as legal tender in El Salvador. Research showed it was rarely used by the public. In March 2025, The Economist wrote that El Salvador's bitcoin experiment had been a failure...

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