Dossier El Salvador: bitcoin legal tender, sustainable mining plans & inspires other countries

Bitcoin revolution in Latin America: El Salvador recognized bitcoin as legal tender, announced plans for further adoption and wants to mine bitcoins with sustainable energy from volcanoes. The situation developed rapidly and politicians from various countries in Latin America seem to have been inspired by it. Following El Salvador, some are said to be already in talks with the Bitcoin sector.

Something special is happening in Latin America. El Salvador recognized bitcoin as official legal tender on Wednesday, making it one of the country’s two official currencies. As soon as the law comes into force, everyone in El Salvador will be obliged to accept bitcoin as a means of payment, possibly in cooperation with the government. You can also pay taxes in bitcoin.

It is a historic moment: the first time that one can really speak of Bitcoin adoption by a country. Politicians across Latin America reacted surprisingly positively. Some even give the impression that they want to follow the example of El Salvador.

President Nayib Bukele of El Salvador has now announced that the country also plans to mine bitcoins, with sustainable and clean energy generated from local volcanoes.

Announcement and developments

Developments followed each other in rapid succession in recent days. It started on Saturday at the Bitcoin 2021 conference in Miami, where an emotional Jack Mallers from Strike announced he had some big news.

He told about Strike’s activities in El Salvador. Strike is a payment app based on the Bitcoin Lightning Network, which makes (international) payments in normal currencies instant and free.

The company chose El Salvador first for the international launch of the app, as it is one of the countries where the population can benefit the most from Bitcoin. Together with local bitcoiners, Strike would onboard 20,000 people daily. Its success brought them into contact with the local government.

Legal tender

Mallers then played a video message from President Nayib Bukele delivering the good news. The president announced his intention to officially recognize bitcoin as legal tender in El Salvador.

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