El Salvador’s process of declaring Bitcoin legal currency has slowly started to make progress. Every adult citizen of the country who has the official Bitcoin wallet of the state will be given $30 Bitcoin. In other words, El Salvador will make an ‘airdrop’ to its citizens.
El Salvador has been quick to adopt Bitcoin. El Salvador, which accepted Bitcoin as legal money on June 9 and made a sound all over the world, showed that it kept the job tight.
$30 Worth Bitcoin to Every Citizen
President Nayib Bukele, in a live speech at TSI this morning, announced that the government of El Salvador will give all adult citizens $30 worth of Bitcoin. Bukele said that the name of the wallet, which will work on both IOS and android devices, is “Chivo”. El Salvadorans will have to provide both their identification information and their phone number when registering a wallet.
Bukele Explained the Use of Wallet Step by Step
Bukele also said that he expects this move to increase the use of crypto units. It was also noteworthy that Bukele explained step by step how to use the wallet.
Convertible to Dollars Instantly
Citizens of El Salvador will be able to convert their Bitcoins in the wallet to US dollars instantly. Also, since the wallet does not store any data, a fast or strong internet connection will not be required. The wallet will work seamlessly wherever it finds a link.
Payments via QR Code
Wallet owners can make Bitcoin payments or send with the help of a QR code. It will also be possible to buy and sell Bitcoins using the wallet.
Bukele also announced that El Salvador’s Bitcoin law will go into effect in September. The Chivo app will also be available this month on Google Play and the App Store.
Willy Woo said the number of users will increase by 2.5 percent overnight.
Willy Woo, known for his Bitcoin comments and expecting a very serious price increase in the long term, stated on his Twitter address that this move to El Salvador enabled 4.5 million people to join the Bitcoin family.
