El Salvador, in a situation similar to Panama's reliance on the U.S. dollar, became the first country in the world to recognize Bitcoin as legal tender in 2021

Event date

Dec 31, 2020 - 10:00pm

Quotes that support claims

In 2021, El Salvador became the first country in the world to recognize Bitcoin as legal tender, with the Central African Republic following less than a year later. Meanwhile, Fiji and Tonga have explored recognizing the token as an official currency. In Switzerland, officials have also greenlit Bitcoin payments for some public services in a few of the country's regions.

This is a very similar situation to what made El Salvador accept Bitcoin as a currency, as it also had to use the US dollar as its sole currency.