Will El Salvador become the first country to adopt bitcoin?

In June 2021, El Salvador surprised the world by adopting Bitcoin as a legal currency in the country next to the US dollar. And the American website Fortune reported that El Salvador's plan, to be the first country to adopt Bitcoin as its official currency, ended in a catastrophic failure of its economy and chaos by all standards.

Is El Salvador's bitcoin law a farce?

"El Salvador's Bitcoin Law Is a Farce," blares the headline on the article, saying El Salvador's system "doesn't work, the currency crashed, and the public hates it."

What is the official currency of El Salvador?

Bitcoin is an official currency of El Salvador alongside the US dollar, after it became the first country to adopt the cryptocurrency as legal tender.

What is El Salvador's new cryptocurrency law?

El Salvador’s move puts it at the forefront of a revolution in finance on the blockchain, where a parallel universe of crypto-based alternative banking services is booming and eliciting alarm from officials in Washington and beyond. It is unclear how it will all unfold. The new law stipulates that all businesses must accept Bitcoin as payment.