The President of El Salvador wants to focus greater attention on this new asset class as the Bitcoin law prepares to take effect.
President Nayib Bukele declared that after downloading and checking their identity by utilizing face reconnaissance software and a Salvadoran DUI and phone number, the local population might get $30 in Bitcoin.
The President detailed how the process of identification will take place during the announcement via a video presentation. As a result, the customer will obtain a simple wallet to save their cryptocurrency and a $30 start-up sum for cancelation.
With the wallet, cryptocurrency can be sold and acquired, funds may be sent with a QR code, and various payments can be made. According to the chairman, in the future, Chivo will be greatly expanded to provide Android and iOS devices with the program itself.
As a result, 60 percent of the entire country population of six.5 million is offered to receive $30 apiece by the adult population; authorities will need to pay BTC 3,440, or $117 million on the major cryptocurrency equivalent market.
The World Bank and IMF still disapprove of the decision taken by El Salvador, but the Government will not veer from the already laid down path. This also applies to the extraction by volcanic energy of the major cryptocurrency.
El Salvador and Bukele were particularly enthusiastic, encouraged by Athena’s announcement that on September 7, 2021, it will have installed 1500 cryptomats in the country when the Bitcoin law came into existence. According to the firm director, the gadget in Latin America is being expanded to leave the comfort and profits zone in the U.S.
Nayib Bukele is certain that the country will become one of the world’s leading centers for Bitcoin aficionados if its efforts are made to promote El Salvador’s major crypto-asset, thereby slowing down all possible losses.