El Salvador is now backing Sivar, a stablecoin app dedicated to remittances, a strategy that marks a shift from its initial policy. President Bukele confines bitcoin to reserve asset status, abandoning its use as legal tender. This evolution comes five years after the controversial adoption of bitcoin as legal tender in 2021. The new approach aims to diversify financial tools available to Salvadorans by focusing on more stable cryptocurrencies for daily transactions.
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