Bitcoin in El Salvador - statistics & facts
El Salvador is the first country in the world introducing Bitcoin (BTC) as legal tender, making the cryptocurrency an official currency alongside the U.S. dollar. From September 7, 2021, residents can pay taxes with BTC and businesses cannot refuse Bitcoin payments. El Salvador had one of the lowest incomes per capita in Latin America in 2020. The government hopes Bitcoin adoption will increase economic development and make El Salvador more attractive for foreign money. This can come from (crypto)investors or tourists, but especially from Salvadorians who live abroad and send money back to their families. Remittances mostly come from the United States as people from Salvadorian descent rank as one of the largest Hispanic population groups living in the U.S. The Bitcoin rollout, however, received mixed responses both domestically and internationally. Half of the Salvadorians who receive remittances, for instance, had not yet discussed the use of Bitcoin for this purpose by July 2021.
