When bitcoin, the first cryptocurrency, was birthed in 2008, few envisioned it becoming legal tender. But it did, in September 2021, in El Salvador. The Central American country is on a growing list of emerging markets embracing cryptos and CBDCs as preferred currencies due to their many benefits, blazing the trail for global acceptance.
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El Salvador is leading the rest of the world by adopting bitcoin as legal tender, alongside the US dollar. This means that businesses and creditors will be obligated to accept bitcoin as payment. While many, including the president, are enthusiastic, others are not, citing the cryptocurrency’s record for volatility, among other concerns.