- El Salvador gives citizens $30 worth of Bitcoin for every e-wallet download
- Using Bitcoin as a legal tender is optional in El Salvador
El Salvador continues to support the mass adoption of Bitcoin. For this reason, the Government of El Salvador is now giving away Bitcoin amounting to $30. This program applies to all the citizens of El Salvador that downloaded and registered on the Chivo e-wallet.
President Nayib Bukele explained:
“Just by downloading it you will receive $ 30 equivalent in bitcoins that will be given away. (Those $ 30) can go up, they can go down, but let’s remember that these $ 30 are given away. Nobody has put $ 30 of their money but the Government is putting it in. ”
— Documenting Bitcoin 📄 (@DocumentingBTC) June 25, 2021
Bukele added that businesses in the country can choose whether they prefer Bitcoin or fiat payment. “ Using Bitcoin as legal tender “will be optional” businesses will decide “to accept them, but not receive them,” he said.
Furthermore, Bukele stated in a national address that Bitcoin as a legal tender will take effect on September 7. As a result, El Salvador would officially be the first country to adopt Bitcoin as a legal tender.
On the other hand, after the announcement of El Salvador, the crypto market experienced a boost with its altcoins. For instance, Dogecoin and Everipedia both boost their market price to over +10%.
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