The Bitcoin Law[6] (Spanish: Ley Bitcoin, pronounced [ˈlej biðˈkojn])[7] was passed by the Legislative Assembly of El Salvador on 8 June 2021, giving the cryptocurrency bitcoin the status of legal tender within El Salvador after 7 September 2021.[8] It was proposed by President Nayib Bukele. The text of the law stated that "the purpose of this law is to regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out".[6] The law was substantially rescinded on January 29, 2025, after a Bukele government deal with the International Monetary Fund to remove bitcoin's official status in return for a loan.[9] The Bitcoin Law (Spanish: Ley Bitcoin) was passed by the El Salvadoran Legislature on June 8, 2021, granting Bitcoin legal tender status in El Salvador, effective September 7, 2021. The law was proposed by President Nayib Bukele. The text of the law states, "The purpose of this law is to establish Bitcoin as legal tender without restrictions and to recognize it as a means of payment, usable without restrictions in all transactions conducted by public and private persons and legal entities." The law was effectively repealed on January 29, 2025, when the Bukele government agreed to remove Bitcoin's official status in exchange for a loan from the International Monetary Fund (IMF). Source (Wikipedia)