El Salvador’s Bitcoin Law Effective September, E-Wallets to Get $30 Worth of Crypto!
Great news from Sebastian Sinclair via Coindesk!
El Salvador’s President Nayib Bukele made the announcement during a national address on Thursday!
El Salvador’s bitcoin law, which is expected to make the crypto legal tender within the country , is set to come into effect on Sept.7th Reuters reported Friday!
- El Salvador’s President Nayib Bukele made the announcement during a national address on Thursday, per the report.
- The government will use the Chivo e-wallet, preloaded with $30 of bitcoin for everyone who downloads it, elsalvador.com reported.
- The $30 in bitcoin will be sent to a user’s wallet once they verify their identity via the app’s face recognition software, according to a video of Bukele presenting the feature on Friday.
- On June 9, the law passed by a supermajority in El Salvador’s legislature with 62 members voting in favor of the bill, while 19 opposed and three abstained.
- The country’s bitcoin law effectively would see bitcoin become legal tender, where merchants must accept it, alongside the U.S. dollar.
- Opposition has been mounting against the country’s newly legislated law with some arguing it violates El Salvador’s constitution.
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