Millions of Americans received stimulus checks in the past year, but Salvadoreans will be soon be receiving one paid in Bitcoin. From a report: The Central American country will give U.S. $30 worth of Bitcoin to each adult citizen that downloads and registers on the country’s new cryptocurrency app, Chivo, President Nayib Bukele said during a televised speech Thursday. The $30 promotion is the nation’s latest effort to push adoption of Bitcoin as legal currency. Bukele announced via video at the Bitcoin 2021 conference in Miami earlier this month that he would be introducing legislation to make Bitcoin legal tender. His “Bitcoin Law” goes into effect on Sept. 7.
“This law is made to generate employment, to generate investments, and at no moment will it affect anybody, like opponents have tried to say with their dirty campaign,” Bukele said during the hour-long speech Thursday. Chivo, the crypto wallet whose name translates to “goat” in English, will be compatible with both dollars and Bitcoin, and will be available on both iOS and Android devices, Bukele said. Since former Salvadorean President Francisco Flores passed a 2001 dollarization law, the U.S. dollar has been the most used legal tender in the country.
of this story at Slashdot.
Source:: Slashdot