Cryptocurrency at the head of the state. Or rather, cryptocurrency as an official means of payment. Is it possible? Crypto enthusiasts will say that it is inevitable and the potential of cryptocurrencies is too great. Skeptics will pull out crypto volatility charts again with a disgruntled look on their faces. However, the issue of international recognition of cryptocurrencies is being talked about more and more.
So far, it is difficult to predict how a still innovative financial instrument can change realities on a global scale, or at least a single country. Bitcoin is only 13 years old, remember, while the usual financial institutions and mechanisms have been built and developed for centuries.
Will crypto remain the destiny of dreamers, or does it have prospects to make a global step forward? If you have not forgotten about El Salvador, now is the time to turn your attention to this country in search of answers. Surely everyone has heard that El Salvador became the first country to recognize Bitcoin as official tender this summer, along with the U.S. dollar (the native currency was phased out in 2004). However, not everyone is clear on what happened next.
And it's been almost half a year now. Has Bitcoin changed an entire country for the better? We've compiled the news and identified key trends to model the chances of cryptocurrency legalization around the world on the example of this small but proud country.