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The political economy of Bitcoin as legal tender in El Salvador: Temporary bandages to permanent wounds?

Author

Listed:
  • Tobias Boos
  • Juan Grigera

Abstract

This paper provides a contextual analysis of the adoption of Bitcoin as legal tender in El Salvador. First, we outline the historical context and the political situation of the period 2019-24 that serve as context for the passage and implementation of the Bitcoin law (Decree No. 57). We identify the institutional and political context and the main areas of contention. Next, we delve into the macroeconomic context of El Salvador, outlining the fundamental features of its economy and highlighting how they relate to currency issues.

Suggested Citation

  • Tobias Boos & Juan Grigera, 2023. "The political economy of Bitcoin as legal tender in El Salvador: Temporary bandages to permanent wounds?," WIDER Working Paper Series wp-2023-136, World Institute for Development Economic Research (UNU-WIDER).
    • Handle: RePEc:unu:wpaper:wp-2023-136
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    File URL: https://www.wider.unu.edu/sites/default/files/Publications/Working-paper/PDF/wp2023-136-political-economy-Bitcoin-legal-tender-El-Salvador.pdf
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    References listed on IDEAS

    as
    1. Inês Faria, 2019. "Trust, reputation and ambiguous freedoms: financial institutions and subversive libertarians navigating blockchain, markets, and regulation," Journal of Cultural Economy, Taylor & Francis Journals, vol. 12(2), pages 119-132, March.
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    Keywords

    El Salvador; Political economy; Finance;
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