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The First of Many: The First Country to Recognize Bitcoin as Legal Tender

By supermajority vote, 62 out of 84 possible votes in favor, El Salvador's government will recognize Bitcoin as a legal tender in the country alongside the current tender, the US dollar. Going into effect September 7, 2021, the government believes it will be beneficial to the country's economy. However, the government has received mixed feedback from the country's citizens as to whether or not this will help the country. Only 30% of citizens have access to traditional financial services which will make it difficult for many to use or access bitcoin tender. In addition, the country is heavily reliant on money sent back to the country by workers abroad with a fifth of the county’s GDP consisting of such. Many citizens of lower economic class still feel lingering trust issues from when they lost considerable purchasing power when the USD was adopted as the only legal tender in 2001. However, the government has taken that into consideration and is developing solutions to address...

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