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Author: Admin | 2025-04-28
El Salvador's President Nayib Bukele (shown here at a news conference in May 2020) spearheaded efforts to make Bitcoin legal tender in his country. Yuri Cortez/AFP via Getty Images hide caption toggle caption Yuri Cortez/AFP via Getty Images El Salvador's President Nayib Bukele (shown here at a news conference in May 2020) spearheaded efforts to make Bitcoin legal tender in his country. Yuri Cortez/AFP via Getty Images El Salvador has become the first country in the world to make the cryptocurrency Bitcoin legal tender. Advocates of the digital currency, including the country's president, Nayib Bukele, say the policy that took effect Tuesday morning was historic. But the first few hours of Bitcoin's official status in El Salvador were marred by technological hiccups as the country opened its digital wallet app to residents and consumers for the first time. Why El Salvador is choosing Bitcoin Bukele previously suggested that legalizing Bitcoin would spur investment in the country and help the roughly 70% of Salvadorans who don't have access to "traditional financial services." "We must break with the paradigms of the past," he said Monday in a statement translated from Spanish. "El Salvador has the right to advance toward the first world." Bukele also has said that using Bitcoin would be an effective way to transfer the billions of dollars in remittances that Salvadorans living outside the country send back to their homeland each year, the Associated Press reported. El Salvador's government holds 550 Bitcoin, Bukele said, which is equivalent to about
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