Document Type
Blog Post
Publication Date
3-22-2024
Abstract
In 2021, President Nayib Bukele of El Salvador had a bold vision for the nation. He aspired for El Salvador to transform into a “bitcoin haven.” Now, what does this mean, you may be wondering? Well, it all traces back to the enactment of the “Bitcoin Law” on September 7, 2021. With the passage of this law, El Salvador became the first, and still the only, country to designate Bitcoin as legal tender.This meant that every Salvadoran business was obligated to adopt Bitcoin for transactions, taxes could be settled using Bitcoin, and the government had the capacity to disburse subsidies in the cryptocurrency. To complement this law, El Salvador launched a network of 200 Bitcoin ATMs, unveiled a new digital wallet app called Chivo, and distributed thirty US dollars’ worth of Bitcoin to each citizen to initiate the transition.
This post was originally published on the Cardozo International & Comparative Law Review on March 22, 2024. The original post can be accessed via the Archived Link button above.
Recommended Citation
Notaris, Douglas, "El Salvador’s Bitcoin Bond is Finally Here!" (2024). Cardozo International & Comparative Law Review Blog. 108.
https://larc.cardozo.yu.edu/ciclr-online/108
