A little over a year ago, the world’s smallest nation made a very big announcement – they were going to make Bitcoin legal tender. El Salvador’s President Nayib Bukele made the reveal at the Bitcoin 2021 conference, stating that his country would become the first in the world to adopt cryptocurrency as legal tender.
The move was seen as a way to boost economic activity in El Salvador, which has long been reliant on remittances from its citizens working abroad. By making Bitcoin legal tender, it would be easier for those workers to send money home, and also open up the country to foreign investment.
However, it’s been over a year since President Bukele’s announcement, and there has been no progress on making Bitcoin legal tender in El Salvador. There are a number of reasons for this delay, including resistance from the country’s central bank and concerns about money laundering.
Nonetheless, President Bukele remains committed to making Bitcoin legal tender in El Salvador, and he is confident that it will happen eventually. In the meantime, other countries are watching closely to see if El Salvador can pull off this ambitious plan.
So is Bitcoin legal in El Salvador? The answer is complicated. There has been progress made towards making Bitcoin legal tender, but there are still some hurdles to overcome before it becomes a reality.
However, President Bukele is confident that it will happen eventually, and so it’s likely only a matter of time until Bitcoin is officially recognized as legal currency in El Salvador.