20 July 2026
El Salvador Officially Adopts BTC As Legal Tender
The Republic of El Salvador, situated in Central America, has officially become the first country in the world to adopt Bitcoin (BTC), the world’s leading Cryptocurrency, as its legal tender.
Earlier in June, Nayib Bukele, the president of El Salvador, revealed his plans to introduce a law that will make bitcoin a legal form of money in the country. From then onwards, the news spread like wildfire, and it became the talk of the crypto community.
Despite all the positivity from the Crypto community, there were several criticizers. One of them was JPMorgan, who stated that this move comes with no economic benefits, while Steve Hanke called it downright stupid.
However, the president never considered their thoughts and later announced to give away BTC worth $30 to every Salvadorian.
Today, the law is officially in effect. From passing back with supermajority with 62 members in favor on 9th June 2021, BTC adoption as a legal tender had created a lot of fuss in the industry.
Now every economic agent operating in the country should accept the use of BTC as a legal form of payment. This means that goods and services can be bought via BTC and cannot be refused.
El Salvador also became the first country in the world to buy 200 bitcoin. The president also said that their “brokers would be buying a lot more as the deadline approaches.”
Nevertheless, proponents are now passing off this day to be “Bitcoin Day” and celebrating the massive milestone initiated by El Salvador.
Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.
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