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Sep 7, 2021 El Salvador makes Bitcoin legal tender
On September 7, 2021, El Salvador became the first country to make Bitcoin legal tender alongside the US dollar.
- Date
- Sep 7, 2021
- Country
- El Salvador
- First
- Legal tender
What happened
The law, approved by the country’s legislature in June 2021, required businesses that could to accept Bitcoin, and the government launched a state-backed wallet. The launch day was bumpy, and the price fell sharply on the same day.
The policy stayed controversial. Discussions with the International Monetary Fund followed, and the law was later amended so that accepting Bitcoin became voluntary for businesses.
Why it mattered
A national government adopting Bitcoin was unthinkable a few years earlier. See the context in Bitcoin in 2021.
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