The President of El Salvador, Nayib Bukele has announced that each citizen who has signed up for their wallet app will receive $30 in free #Bitcoins.
6.4 million people X $30 = $192 million USD (if the total population includes children)
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President Nayib Bukele, who led the effort to recognize bitcoin as legal tender, said during a conference the government would give $30 worth of BTC after users download the app. In his statement, he also touted the benefits of using bitcoin, such as remittances that can be made at any time of the day and disintermediation.
This wallet app, called Chivo, is said to store Bitcoins and other cryptocurrencies. And it is expected to form the basis for daily cryptocurrency trading.
El Salvador's Bitcoin law was passed about two weeks ago.
While the move was praised by the global crypto community, the Act was also met with resistance from a minority political party and the World Bank. The President of El Salvador also announced that the Bitcoin Law, which recognizes BTC as legal currency nationwide, It will officially come into effect on September 7th.
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