El Salvador

In September 2021, El Salvador made history by becoming the first nation to adopt Bitcoin as legal tender. President Nayib Bukele championed this initiative, aiming to modernize the economy, attract foreign investment, and provide financial services to the unbanked population. The government introduced the Chivo wallet, offering a $30 incentive to encourage adoption. However, the move faced domestic and international criticism due to Bitcoin's volatility and concerns over financial stability.