Bitcoin is a legal tender in El Salvador, so it has to be accepted in payment; however, only about 20 % of the population uses bitcoin.


John Hawkins writing in BigThink, makes the following points:

  • El Salvador is the first and, to date, the only country to make Bitcoin a legal tender.
  • El Salvador still uses the US dollar.
  • El Salvador’s President, ‘the so-called world’s coolest dictator’, said it would attract foreign investment and jobs—it didn’t.
  • The government has lost about US$50 million in Bitcoin transactions.
  • Ordinary citizens who took presidential advice to hold their money in bitcoins face huge losses.
  • The International Monetary Fund urged El Salvador to drop Bitcoin’s legal tender status.


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