Bitcoin took the internet by storm in 2021 when El Salvador – the smallest country in South America – announced it will make the cryptocurrency a legal tender.
The plan was first made public during the 2021 Bitcoin Conference that was held in Miami through a video of El Salvador President Nayib Bukele that shared the nation’s plan to adopt a bill that will make Bitcoin legal tender.
Bukele said the move was to make it easier for its people living abroad to send remittances to their relatives back home.
On June 9, 2021, the Bitcoin Law was adopted by the country’s Legislative Assembly as 62 out of the 84 deputies voted in favor of it.
The government then announced they were setting $150 million to be utilized as fund to support the approved legal measure. Officials even said they would give $30 in BTC to individuals who will sign up for an electronic wallet dubbed as “Chivo.”
But, more than a year following the crypto’s historic adoption in the country, things didn’t turn out the way...
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