Lets not forget that El Salvador has 6.4m ppl with 70% unbanked, 20% living in extreme poverty and 16% of GDP consisting of remittances, mainly the US.
Also, the country uses the U.S. Dollar as its legal currency since 2001 and ⅔ of exports go the US.
1- Bitcoin as a legal tender - this is a world first. Japan came close in 2017 when it recognized it as a means of payment but still treats it as an asset and not as legal tender which has a specific legal definition.
The Bank of England @bankofengland just issued an excellent paper on retail Central Bank Digital Currencies and proposes a new form of money which would enable to make electronic payments using central bank money.
If you just have 1 minute, this is what you need to know:
1. BofE proposes to issue a UK CBDC, a digital pound sterling and allow anyone to hold an electronic form of central bank money - similar to a digital banknote. This would be a risk-free asset as does not involve any counterparty risk to traditional banks.
2. The CBDC would be recorded as a liability on the BofE’s balance sheet (just like bank notes and reserves) and matched with assets held by the BofE.