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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Sally Morgan is a contributor at Sproutwired.com, covering a broad range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. She focuses on delivering clear, balanced reporting and practical information that helps readers stay informed about current events and emerging developments. Sally is committed to presenting stories in an accessible and engaging way, with an emphasis on accuracy, relevance, and issues that matter to everyday readers across Australia and beyond.
