November 17, 2021

An Economic History Of El Salvador’s Adoption Of Bitcoin

With attention now being focused on El Salvador for it being the first country to accept bitcoin as legal tender, it’s important to examine how the country got here in the first place, and what may have motivated the country to adopt bitcoin.

Start with the country’s very roots: its beginnings as a territory with a rich mix of indigenous peoples, from the Nahuas to the Lenca. The earliest peoples of the region would often use cacao to serve as a means of exchange and a unit of account, and commodities such as coffee still play an important role in El Salvador’s economy…

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