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Author: Admin | 2025-04-28
22 Pages Posted: 26 Aug 2024 Date Written: August 07, 2024 Abstract In September 2021, El Salvador enacted a pioneering policy by adopting Bitcoin as legal tender, positioning itself at the forefront of a global financial experiment. This paper provides a comprehensive analysis of the adoption and implementation of Bitcoin in El Salvador, drawing on economic, social, and political dimensions to understand its impact and implications. We explore the motivations behind the Bitcoin Law, assess the outcomes thus far, and examine the challenges faced during the initial phases of this unprecedented endeavor. Through a multi-faceted approach, this study evaluates the effectiveness of Bitcoin integration into the Salvadoran economy, scrutinizes the responses from various stakeholders, and offers insights into the broader implications for other nations considering similar paths. Our findings reveal a complex interplay of innovation and resistance, highlighting critical factors for the successful adoption of digital currencies in emerging economies. Keywords: Bitcoin, El Salvador, Financial inclusion, Cryptocurrency regulation, Digital currencies, Economic impact JEL Code Classifications: E42 JEL Classification: E42, F31, G18, O33, K22, O16 Suggested Citation: Suggested Citation
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