El Salvador's Bitcoin legal tender law (2021)
President Nayib Bukele made El Salvador the first country to adopt Bitcoin as legal tender, promising cheaper remittances and financial inclusion. The state launched Chivo Wallet with free Bitcoin bonuses for new users.
Technical problems and volatile prices hampered early adoption; usage stayed low.
The IMF found only about 1.75% of remittances moved through crypto wallets five years later, and a 2025 IMF deal forced legal changes rolling back Bitcoin's mandatory status.
Same country, same remittance goal, different technology — Sivar uses dollar stablecoins precisely because Bitcoin failed to move the needle.
