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El Salvador offers bitcoins to its citizens to encourage their use.

Each Salvadorian citizen will receive the equivalent of $ 30 in bitcoins if they open an electronic wallet created by the government to stimulate the use of this cryptocurrency, which will be legal tender in the country in September, announced President Nayib Bukele.
To qualify for the money, Salvadorans must download the electronic wallet called “Chivo” to their mobile phones, Bukele said in a televised message on Thursday.

“By downloading it and signing up, you will receive the equivalent of $ 30 in bitcoins for your consumption,” he added.

According to Mr. Bukele, this monetary equivalent in cryptocurrency will “promote the use of bitcoin” and stimulate the country’s economy, whose official currency is the US dollar.

Salvadoran President Nayib Bukele has announced that his government will offer the equivalent of $ 30 in bitcoins to citizens who open an electronic wallet to use this cryptocurrency (AFP / Marvin Recinos)
Salvadoran President Nayib Bukele has announced that his government will offer the equivalent of $ 30 in bitcoins to citizens who open an electronic wallet to use this cryptocurrency (AFP / Marvin Recinos)

He claimed that in the country of 6.5 million, “more than 50,000 people are already using bitcoin.”

Faced with criticism from the opposition against the adoption of bitcoin as an official currency, which it considers “unsustainable”, Mr. Bukele assured that the dollar would continue to circulate alongside the cryptocurrency. “There has been a somewhat dirty campaign on the issue, that salaries or pensions will be paid in bitcoins. It is not, salaries and pensions will continue to be paid in dollars.”

“The use of bitcoin will be optional, no one is obliged to receive bitcoins if they do not wish to,” he insisted, stressing that the “Chivo” wallet could be transferred in dollars to the account of those who wish.

“What the bitcoin law provides is to connect our country with the rest of the world, to bring in foreign currencies, investments and tourism, and to stimulate our economy,” Bukele said. Want to stimulate the arrival of bitcoin users in their country.

He also argued that thanks to electronic bitcoin wallets, it will be easier and cheaper for members of the country’s diaspora to send funds to their families.

Last week, a World Bank spokesperson announced a request for assistance from El Salvador in its move to adopt bitcoin as its official currency had been rejected.

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