We know that in May 2021, the President of El Salvador, Naib Buquel, announced that they were accepting Bitcoin as legal tender in their country. El Salvador became the first country in the world to declare Bitcoin as legal tender.
I have never seen the name of the president of El Salvador spelt this way. I think the correct spelling of his full name is Nayib Armando Bukele Ortez.
I previously knew that only El Salvador accepted Bitcoin as legal tender, but after reading this post today, I saw that the Central African Republic is the second country to accept Bitcoin as legal tender.
On April 27, 2022, the Central African Republic (CAR) adopted Bitcoin as legal tender. Despite the Central African Republic being rich in natural resources, CAR is still known as one of the poorest countries in the world. Their president, Faustin-Archangel Toadera, believes that adopting Bitcoin as legal tender will likely bring prosperity back to their country in the future.
Currently, it is only in El Salvador that Bitcoin is still a legal tender because the government of the Central African Republic have repelled the law that made Bitcoin a legal tender in the African country. But hopefully, we are expecting countries like Panama, Suriname and Montenegro to join El Salvador.
I am very sorry to hear these posts and news because the government in the country I live in has not yet decided to legalize Bitcoin as legal tender.
We are also facing the same restrictions in my country. But as much as the citizens of your country are not banned from using Bitcoin, they can still enjoy the benefits of Bitcoin because it is decentralized.
Interesting news. I understand that you are following the development of the situation, and perhaps you are a resident of El Salvador.
Question - please tell me what positive changes have occurred in the economy and life of ordinary residents of El Salvador after Bitcoin was recognized as legal tender? We assume that such changes should lead to positive changes, because simply using another asset for calculations does not give real results other than “process for the sake of process”
Some reports stated that making Bitcoin a legal tender in El Salvador has increased revenue in the tourism sector of the country. However, I accept that the benefits are not that massive but the investment is still in the infant stage because the government has a long-term Bitcoin Investment plan. So we have to be patient with Bukele.