El Salvador’s President Nayib Bukele has announced a bitcoin giveaway to promote the use of cryptocurrency as legal tender in the economy and to encourage people to use the government’s official wallet application.
$ 30 in free bitcoin
The President of El Salvador, Nayib Bukele, addressed many topics on the new Bitcoin law in his country on Thursday evening. During his speech, he introduced the Salvadoran government wallet app and a $ 30 sign-up bonus in Bitcoin.
“The government of El Salvador’s wallet is called Chivo,” explained Bukele, adding that users must register with their phone number and national ID called DUI.
The accounts are then verified either through facial recognition or through the call center. “The face recognition or verification by the call center only takes place when the account is created. We do it this way to give security to the population, ”said the President.
Bukele further revealed:
It will be within the Chivo app where we will deposit the equivalent of $ 30 in Bitcoin to promote its use in the economy and to encourage people to use the application.
With the $ 30 incentive in Bitcoin, he said, “We want the population to use this system and Bitcoin as legal tender” to stimulate the economy and “support the country’s economic growth.”
In order to receive a DUI (Documento Único de Identidad), which is required for account verification, one must be at least 18 years old. This means that out of El Salvador’s total population of 6.5 million, based on data from Woldometer, only adults aged 18 and over are eligible to receive the $ 30 BTC giveaway.
The Salvadoran President further stated that the Chivo app will allow users to convert funds between dollars to bitcoin, make payments and send money using a QR code. In addition, app users can buy BTC “securely, instantly, and free of charge”.
Stressing that using, receiving, and investing in Bitcoin in El Salvador are optional, noting that the $ 30 BTC bonus will be the only time recipients will have to accept the cryptocurrency. For spending, users can use either Bitcoin or Dollars if they have both currencies in their wallets.
El Salvador’s Bitcoin law will come into effect on September 7, Bukele noted. “We will guarantee that all cash transactions will remain in dollars,” he clarified.
What do you think of El Salvador giving away $ 30 in Bitcoin to all users of the government’s crypto wallet? Let us know in the comment section below.
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