El Salvador’s president, Nayib Bukele, stated the country’s government-backed cryptocurrency wallet will go live in September, according to The Block.
According to the story, the Chivo wallet, which will be accessible on Sept. 7, will be optional to use, but those who download it will supposedly receive $30 in bitcoin.
While citizens would not be forced to use the wallets or digital currencies, the Chivo wallet will allow users to pay in bitcoin or dollars anywhere on the planet.
Citizens will be able to convert bitcoin transactions into dollars automatically, according to the article.
It was later confirmed by President Nayib Bukele. He re-tweeted a tweet by Bitcoin Magazine after the announcement.
In addition, 200 ATMs will be installed, and bank branches will be prepared to process bitcoin transactions.
Bukele also stated that the app’s transactions will be free of commissions, saving the company up to $400 million every year.
In June, the president unveiled the Chivo Wallet, promising citizens $30 in BTC when they first signed up. Chivo is designed to be used as a daily wallet, similar to a mobile payment system app.
Bukele also included some screenshots from the app in his statement. The deployment of ATMs is a novel initiative by the government, which is committed to constructing the necessary infrastructure.
The country also intends to mine bitcoin using its active volcanoes, though no details have been released. The reaction to the bitcoin law has been divided, and it may even be more unfavourable in the future.
TWITTER’S REACTION ON THE BITCOIN TENDER AND CHIVO APP
In just a few days after the great market revolt, many countries started adopting bitcoin and the very first one was El Salvador.
Now people are treating the great adoption as a positive sign towards a great advancement of global cryptocurrency adoption.
One of the user wrote, “A few years ago I was told that #bitcoin lightning was ‘fake tech’. In two weeks time bitcoin will be legal tender in El Salvador, lightning made this happen.”
Another user made a satire on dollar and said, “In 2001, we adopted the Dollar for the benefit of the banks, today we are adopting #Bitcoin for the benefit of the people.”
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