El Salvador‘s president wants to bring greater attention to Bitcoin as the country’s new asset class prepares to take effect.
President Nayib Bukele stated that local citizens might get $30 in Bitcoin after installing the program and authenticating their identification using face recognition technologies, a Salvadoran DUI, and a phone number in commemoration of the introduction of an official e-wallet named Chivo.
During the unveiling, the president used a video presentation to describe how the identification process will work. Consequently, the user will obtain a handy wallet for their bitcoin investments and a $30 beginning sum that may be withdrawn.
It will be possible to purchase and sell cryptocurrencies, transmit cash through QR codes, and make other payments using the wallet. According to the president, Chivo’s capabilities will be further increased in the future, and the software will be accessible for both Android and iOS smartphones.
Given that the adult population, which is being given $30 per share, accounts for 60% of the country’s total population of 6.5 million people, the authorities will have to spend 3,440 BTC each share, or $117 million biggest cryptocurrencies on the market.
El Salvador‘s choice continues to be criticized by the World Bank and the International Monetary Fund. Still, the government has stated that it would not depart from the previously established route. This also relates to the use of volcanic energy to extract the primary cryptocurrency.
El Salvador‘s and Bukele’s excitement was sparked by Athena, which revealed plans to set up 1,500 crypto maps in the nation after the Bitcoin law takes effect on September 7, 2021. According to the company’s director, they’re attempting to break out of the “comfort and profit zone” in the United States by distributing the gadget throughout Latin America.
Nayib Bukele believes that if El Salvador makes the necessary steps to promote the significant crypto asset, it will one day become one of the world’s most important centers for Bitcoin enthusiasts, preventing any potential losses.