El Salvador's Bitcoin Law, announced by President Nayib Bukele at the Bitcoin Conference in Miami in July, was the most significant crypto story of 2021. While the law was passed in September, its rollout was chaotic, with misconceptions about Bitcoin adding to the government's issues.
The Salvadoran government's Chivo wallet, which offered $30 in Bitcoin to every Salvadoran who downloaded it, was downloaded by 3.8 million Salvadorans, but only four in ten still use it. While some Bitcoin advocates see the law as historic, concerns have been raised about President Bukele's authoritarian tactics and the risks posed to financial and market integrity, financial stability, and consumer protection.
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