One Year Ago Today: El Salvador's Bold Bitcoin Legal Tender Experiment
Remember 13 de sept. de 2025? That's roughly one year from when the echoes of Nayib Bukele's seismic announcement still reverberate. El Salvador's President, Nayib Bukele, unveiled a groundbreaking plan to make Bitcoin legal tender. But how has this ambitious project fared? Here's how the legalisation of Bitcoin has changed El Salvador.
How El Salvador Legalised Bitcoin: A Timeline of Events
The move towards Bitcoin adoption was surprisingly swift. The idea to make Bitcoin an official currency of El Salvador On J... no, wait, let's get the dates right! On J, El Salvador's President Nayib Bukele first introduced a bill to make Bitcoin legal tender. Just a few hours later, the project was approved, thanks to the overwhelming majority in the country's Congress. This marked a pivotal moment: El Salvador has become the first country in the world to officially classify Bitcoin as legal currency.
Congress approved President Nayib Bukele's proposal to embrace Bitcoin, setting the stage for a financial experiment unlike any other. 7 de sept. de 2025 became the official date of implementation.
The Chivo Wallet and Bitcoin Incentives
After Bitcoin became legal tender, President Bukele announced that citizens who download their very own Chivo crypto wallet would receive a special bonus of $30 worth of Bitcoin. Non… it was intended to encourage widespread adoption and ease the transition to a dual-currency system (USD and BTC).
The International Monetary Fund (IMF) and Concerns
The international community responded with a mix of intrigue and skepticism. The International Monetary Fund (IMF) paused a $1.3 billion loan to El Salvador in January 2025. This happened after the country ignored repeated requests by the IMF to reconsider its Bitcoin policy, raising concerns about financial stability and transparency.
One year on, the effects of this bold decision continue to be debated. Has it been a success? A failure? Or is it simply too early to tell? Further analysis is crucial to understanding the long-term impact on El Salvador's economy and its citizens.