Citizens of El Salvador To Receive $30 in Bitcoin as the Law Will be Implemented In September
On June 9, El Salvador was the first country to make Bitcoin a legal tender. President Nayib Bukele, in a national address, informed the citizens of El Salvador that they would be airdropping $30 worth of Bitcoin for every adult user who signs up on the wallet called Chivo.
The President of El Salvador Nayib Bukele has announced that bitcoin’s legal tender status will take effect in the country on September 7th, 2021. In his state address on June 25, 2021, every adult who signs up on the wallet will receive $30 worth of bitcoin. This effort could encourage the increased adoption of cryptocurrency. He also said that individuals who invest 3 BTC into the country’s economy would be awarded citizenship.
Although the World Bank and the International Monetary Fund (IMF) are not in support of the Central American country’s bitcoin adoption, the latest developments indicate that El Salvador is not going to give up its plans.
President Bukele’s plan has also faced opposition within the country. Some members of the Farabundo Martí National Liberation Front (FMLN), one of El Salvador’s major political parties, called the Bitcoin Law illegal, adding that it was harmful and was also designed to loot the people’s pockets.
However, the President, in his recent address, refuted the claims, stating that bitcoin will instead benefit the people and move the country forward.
