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The Rise of Digital Currency in Developing Nations: The Failing Case of El Salvador’s Push for Bitcoin
On June 5, 2021 history was made in El Salvador as president Nayib Bukele’s government passed the unprecedented Bitcoin Law that permanently adjusted the future of cryptocurrencies on an international scale. Beginning September 7, 2021 the new official currency of El Salvador was permitted for the sale and purchase of anything and everything including meals at restaurants, taxes, and even buying and selling property. Under this new law, all establishments in El Salvador are required to take Bitcoin as a form of payment for any and all transactions tendered within the country. This new law presents a fascinating opportunity to ponder the new standard for cryptocurrencies around the world and their status in the daily lives of many living around the world.
