The Bitcoin Law in El Salvador: A comprehensive analysis of its design, implementation and socioeconomic impact
DOI:
https://doi.org/10.5281/zenodo.15232884Keywords:
Bitcoin, cryptocurrencies, regulations, systematic reviewAbstract
The adoption of cryptocurrencies as a financial and economic tool in El Salvador marked an innovative milestone in Latin America, highlighting the country as a pioneer in financial advancement. However, since its implementation in 2021, the Bitcoin Law has generated debates about its economic and social implications. Therefore, the objective of this research was to analyze the Bitcoin Law in El Salvador from its design, implementation, and socioeconomic impact. To achieve this, a systematic review was conducted following the guidelines of the PRISMA method, which included 40 publications analyzed from a quantitative and qualitative perspective. This analysis was based on legal, economic, social, technological, and innovation postulates. In this context, the study revealed that the Bitcoin Law requires a legal framework that harmonizes financial innovation with the prevention of illicit practices related to cryptocurrencies. From an economic perspective, the law provides significant benefits in modernizing and reducing remittance costs. However, to optimize its impact, it is essential to implement financial education programs that promote the responsible use of these cryptocurrencies. Furthermore, the government must prioritize addressing the environmental impact of mining and developing sustainable solutions.
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