A country distributes bitcoin to its citizens for the first time in the world

by Seth Grace June 26, 2021 Technology

The President of El Salvador, Najib Bakilla, announced that he will offer $30 worth of the cryptocurrency bitcoin to any citizen who subscribes to the digital wallet, in a move that reflects his heavy bets on new legislation that would make it legal in the country. creates currency.

Bakilla said in a national address Thursday night that the government would create its own bitcoin wallet called “Chivo,” a slang term for “terrible” in El Salvador, Bloomberg reported.

He said the money would be credited to the account of any citizen who downloads it and registers as a user with their phone number and identification number, noting that the law making bitcoin legal tender came into force on September 7. Will happen.

The 39-year-old president reiterated his arguments that using cryptocurrencies would help attract investment, increase consumption, and reduce the cost of sending remittances to the millions of Salvadorans working abroad.

But he said that bank accounts would remain in dollars, and salaries and pensions would continue to be paid in dollars.

Consumers can pay businesses with digital currency from their wallets for dollar-denominated items, but if business owners want to pay in dollars, they can press a button in the Shifu app to convert bitcoin to dollars instantly. Huh.

The president said the government would provide training to companies on bitcoin transactions and try to improve the use of the Internet and mobile phones to encourage the use of the cryptocurrency.

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