The new rule, which was announced yesterday amid much excitement at Miami's Bitcoin 2021 conference, has stoked speculation that Salvadorans may soon be allowed to buy groceries with Bitcoin.
However, speculations are that Bukele, by supporting decentralized finance and removing the country's central bank, is unlikely to meet Bitcoin maximalists' wishes.
El Salvador's recent monetary history confirms Bukele's assertion. Around the turn of the century, El Salvador's national currency, the colón, collapsed due to hyperinflation.
To safeguard the economy, El Salvador declared the US dollar to be the official currency. The colón was phased out the following year in El Salvador, and the dollar has ruled ever since.
What is your opinion?