In January 2025, El Salvador's parliament voted to revoke Bitcoin's status as legal tender, ending a pioneering experiment that began in September 2021. Initially, the move aimed to enhance financial inclusion in a country where many lacked access to traditional banking services. However, challenges such as significant price volatility and low adoption rates among the population led to this policy reversal. The International Monetary Fund also advocated for the change during financial assistance negotiations. Despite this development, El Salvador continues to use the US dollar as its primary currency.
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