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El Salvador's Bitcoin Law Effective September, E-Wallets to Get $30 Worth of Crypto
President Nayib Bukele made the announcement during a national address on Thursday.
Updated Sep 14, 2021, 1:16 p.m. Published Jun 25, 2021, 3:18 a.m.
El Salvador's Bitcoin Law, which is expected to make the crypto legal tender within the Central American nation, is set to come into effect on Sept. 7, Reuters reported Friday.
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- El Salvador President Nayib Bukele made the announcement during a national address on Thursday, per the report.
- The government will use the Chivo e-wallet, preloaded with US$30 of bitcoin for everyone who downloads it, elsalvador.com reported.
- The $30 in bitcoin will be sent to users' wallets once they verify their identities via the app's face recognition software, according to a video of Bukele presenting the feature on Friday.
- On June 9 the law passed by a supermajority in El Salvador's legislature, with 62 members voting in favor of the bill, 19 opposed and three abstained.
- The country's Bitcoin Law would make bitcoin legal tender, where merchants must accept it, alongside the U.S. dollar.
- Opposition has been mounting against the country's newly legislated law, with some arguing it violates El Salvador's constitution.
See also: Deputy of El Salvador’s Opposition Party Sues Country Over Bitcoin Law
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