El Salvador still dreams of Bitcoin city
Despite facing the risk of default due to digital currency, El Salvador still dreams of building a Bitcoin city in the context of the gloomy market.
On September 7, 2021, El Salvador enacted the Bitcoin Law, becoming the first country in the world to use cryptocurrency as its national currency. A year later, the International Monetary Fund (IMF) warned the country to ditch Bitcoin if it wanted to save its economy. El Salvador is owed $23 billion and has to pay $800 million to the IMF by 2023. If it can't pay, it risks becoming the first country to default on Bitcoin.