In September 2021, El Salvador created a headline when it became the first country in the world of legally doing virtual currency bitcoin.
However, the bitcoin method was revised on January 29, 2025, and Bitcoin is no longer a legal currency in El Salvador. According to Reuters reports, “The Congress of El Salvador quickly approves the bill sent just a few minutes ago from President Nive Bukele, modifies the bitcoin method, and accepts the spontaneousness of cryptocurrencies. I complied with the transaction with the international lender.
Interestingly, El Salvador purchased 11 more bitcoin on February 4, 2025 and boosted the BTC strategic protection. Currently, the country It holds 6067 BTC. It is evaluated as $ 616,049,642.
Bukele has revealed that the country has purchased more than 20 bitcoin in the past seven days.
-Nayib Bukele (@nayibbukele) February 4, 2025
Just: El Salvador has already purchased 11 #Bitcoin It is worth over $ 1.1 million for a strategic bitcoin reserve
pic.twitter.com/v6889GS2P2
-Bitcoin magazine (@bitcoinmagazine) February 4, 2025
Is the bold experiment approaching the end?
The first recruitment of Bitcoin in El Salvador was satisfied with both praise and skepticism. Bukele has defended this movement as a way to modernize the national economy, attract foreign investment, and provide millions of financial inclusion to millions of bank citizens.
The government has encouraged the state to launch a CHIVO wallet, a digital wallet supported by the state, and provide $ 30 to all signed up citizens.
The government has also launched famous projects such as bitcoin City, a future major city equipped with volcanic geothermal energy, and issued a bitcoin -supported bond known as volcanic bonds.
However, despite these ambitious initiative, issues appeared.
Furthermore, survey suggests that many Salvador are reluctant to adopt bitcoin for daily transactions and to stick to cash or US dollars.
Exploration: Elsarvador celebrates Bitcoin Mile Stone as President El Salvador emphasizes profits
The tether is moving to El Salvador
Teser and El Salvador are starting a path suitable for the pioneers of the true bitcoin.
Recently, the tethers have announced that they will relocate their headquarters to El Salvador. This strategic decision is strongly supported as an increasingly influential country in the growing cryptographic hub and Central America. National Effort seems to be rewarded, even if it is.
Paolo Ardoino, Tether's CEO, said that it was moving to the Central America after Stablecoin had obtained the operation license.
This relocation is an important milestone for tethers. This is the first time that the tether has established a physical headquarters since its release. This is because it has been effectively shifted from previous physical imports in the Virgin Islands in the UK.
Search: The tethers are moving to El Salvador: Everything you need to know that StableCoin moves to Bitcoin
According to what was conveyed, the status of Bitcoin was canceled after El Salvador, but I purchased the BTC for 99 bitcoin.
