Residents of El Salvador will soon be eligible to receive a $30 bitcoin gift granted they open a new “Chivo” digital wallet.
El Salvador Is Giving Free BTC to Its Citizens
El Salvador recently made heavy crypto headlines when it was announced that bitcoin would be legal tender within the country’s borders beginning on September 7. This came after a hard-fought battle with the World Bank, which stated that it would not offer any assistance to El Salvador given that it was concerned about the risks and volatility associated with the digital asset.
However, the country’s Congress was quick to provide a stamp of approval, and individuals can now utilize bitcoin to begin purchasing goods and services within the next three months. However, there are many citizens of the nation that may not have the knowledge necessary to begin trading. These $30 gifts are designed to potentially change all that.
El Salvador is creating its own digital currency wallet it is referring to as “Chivo,” which means “cool” in the nation’s slang. Those willing to open a wallet and learn about the magic of digital currency trading will receive $30 in BTC free from the government. This will help them get started should they wish to take things to the next level.
To open the wallet, citizens must download the Chivo app and register their names and phone numbers. From there, the money will be moved into their digital accounts. The wallet will be available for download beginning in early September and will allegedly be compatible with other crypto wallets.
Nayib Bukele – the 39-year-old president of El Salvador – has stated in the past that his prime reason for implementing this new law surrounding bitcoin is to potentially help families receiving remittance payments from citizens that work abroad. Several residents of El Salvador work in the United States and send money home to their families, though traditionally, a big chunk of this money is eaten up via transaction fees.
Bukele is confident that bitcoin can help alleviate some of this financial pain and lead to smaller fees so families can earn the bulk of what they should be receiving. He stated:
Why [do we] create this law? Because bitcoin has a $600 billion market capitalization globally, and if we do this, investors and tourists who own bitcoin will come to the country and benefit Salvadorans and the economy.
Letting People Learn On Their Own
He has further stated that the option to use bitcoin is simply there, but that it will not be forced on people. Citizens still have the right to utilize USD for transactions should they so choose. Bukele said:
It will be totally optional. The dollar will continue to be legal tender.
In addition, businesses in the country will be introduced to special training programs that offer insight on how to accept crypto payments.