Salvadoran Colón (SVC)
a.k.a. SVC, El Salvador colón
El Salvador's former currency, code SVC, replaced in practice by the US dollar from 2001.
In plain English
El Salvador's former currency, code SVC, replaced in practice by the US dollar from 2001.
El Salvador dollarized in 2001: the US dollar became legal tender and the colón faded from use. The country also made bitcoin legal tender in 2021, a move later scaled back.
Using another country's currency removes exchange-rate risk but also gives up control of local interest rates.
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