Bitcoin in El Salvador: A New Currency, or a Step Towards Complete Government Digitization?

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–Researched and Written by Gabriella Clingman—

Under President Nayib Bukele, El Salvador will become the first country in the world to recognize Bitcoin as a legal currency, alongside the U.S. dollar. The Bitcoin Law, which was passed in June and will go into effect in September, requires every business to accept Bitcoin and offers every citizen $30 in Bitcoin as an incentive to sign up. However, many criticize the move for its volatility, and there is overwhelming evidence that the move to Bitcoin is only the first step to government digitization and establishing a new national cryptocurrency.

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