Digital coins will be distributed to all residents of the country who run a special crypto wallet
El Salvador‘s President Nayib Bukele said at a press conference that every adult in the country who installs the state-developed Chivo crypto wallet app will receive $ 30 in bitcoin.
Será dentro de la app Chivo donde te depositaremos los $30 equivalente en #Bitcoin para promover su uso en la economía y para que la gente tenga un incentivo para utilizar la aplicación. pic.twitter.com/bi3zr6I93p
— Casa Presidencial (@PresidenciaSV) June 25, 2021
According to the president, the free distribution of digital coins is carried out in order to popularize the use of bitcoin and a crypto wallet.
Bukele says the app will work wherever there is a cellular signal. He also added that the law on recognizing bitcoin as a means of payment will come into force on September 7 this year.
Con la entrada en vigencia de la #LeyBitcoin el próximo 7 de septiembre, garantizaremos que TODAS las transacciones en efectivo seguirán siendo en dólares. pic.twitter.com/a2nI23rZWD
— Casa Presidencial (@PresidenciaSV) June 25, 2021
Yahoo Finance TV presenter Zach Guzman calculated that the El Salvadorian authorities would have to buy bitcoin for $ 195 million. He made this conclusion based on the fact that the adult population of the country is 6.5 million people.
$30 in free #bitcoin for every adult
X 6.5 million adults= $195 million in BTC getting airdropped across El Salvador
Pretty cool. Pretty Chivo. https://t.co/VXDD9ePdBp
— Zack Guzman (@zGuz) June 25, 2021
The American company Athena has announced plans to install 1,000 crypto mats in El Salvador so that the country’s residents can buy cryptocurrency and exchange it for regular money, CNN Espanol reports.
The head of state Nayib Bukele on Twitter suggested that the company increase the number of crypto mats in the country to 1.5 thousand.
1,000? How about 1,500?#BTC♻️🌋🇸🇻 https://t.co/PDApT7M7T5
— Nayib Bukele 🇸🇻 (@nayibbukele) June 16, 2021
El Salvador is the first country in the world to legally recognize bitcoin as an official means of payment. The corresponding decision was made by the country’s parliament on June 9.
En la #SesionPlenaria7✍🏻, con 62 votos, #LaNuevaAsamblea aprobó la #LeyBitcoin con la que El Salvador adopta el #Bitcoin como moneda de circulación legal. pic.twitter.com/7IToTmnCwv
— Asamblea Legislativa (@AsambleaSV) June 9, 2021
According to the law, prices in El Salvador can be set in bitcoin, and taxes can also be paid in cryptocurrency. The exchange of bitcoin for dollars, also the currency of El Salvador, will not be subject to capital gains tax, while bitcoin will be exchanged at market rates.