El Salvador made the headlines in September 2021 when he became the first country in the world to make the legal call for Bitcoin in virtual currency.
However, on January 29, 2025, the Bitcoin law was modified and Bitcoin will no longer be legal in Salvador. According to the Reuters report, “The El Salvador Congress quickly approved a bill sent a few minutes earlier by President Nayib Bukele to modify his Bitcoin law to comply with a key international lender to accept the volunteer cryptocurrency. “
Interestingly, El Salvador bought 11 other bitcoins on February 4, 2025 to increase its BTC strategic reserve. Currently, the country Contains 6067 BTC. It is estimated at $ 616,049,642.
Bukele revealed that the country had bought more than 20 bitcoins in the last seven days.
– Nayib Bukele (@nayibbukele) February 4, 2025
Just in: El Salvador bought 11 others #Bitcoin worth more than $ 1.1 million for their strategic bitcoin reserve
pic.twitter.com/v6889gs2p2
– Bitcoin Magazine (@bitcoinmagazine) February 4, 2025
Does a daring experience are coming to an end?
The initial adoption by El Salvador of Bitcoin encountered both praise and skepticism. Bukele defended this decision as a means of modernizing the country’s economy, attracting foreign investments and providing financial inclusion to millions of non -banished citizens.
The government even launched the Chivo portfolio, a state -supported digital portfolio, and prompted its use by offering $ 30 in bitcoin to each citizen who has registered.
The government has also launched high -level projects such as Bitcoin City, a futuristic metropolis propelled by geothermal energy from volcanoes and has issued bitcoin bonds called “volcanic bonds”.
However, despite these ambitious initiatives, challenges have emerged.
In addition, surveys have suggested that many salvadoran were reluctant to adopt Bitcoin for daily transactions, preferring to stick to American species or dollars.
Explorer: El Salvador celebrates the milestone of Bitcoin while President Bukele highlights millions of earnings
Tether moves to Salvador
Tether and El Salvador embark on a path that is only suitable for real Bitcoin pioneers.
Recently, Tether announced that he would move his headquarters in Salvador. This strategic decision strongly approves El Salvador as an increasing crypto hub and an increasingly influential country in Central America. The country The efforts, if necessary, seem to bear fruit.
Paolo Ardoino, the CEO of Tether, said that the Stablecoin transmitter is moving to Central America after obtaining an operating license, which allows it to operate as a digital active service provider.
This relocation is a key step for the attachment. Since its launch, it is the first time that Tether has established a physical headquarters, because it has effectively passed from its previous physical incorporation in the British Virgin Islands.
Explore: Tether moves to El Salvador: here is all that is about the move from Stablecoin to Bitcoin State
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