El Salvador's Bitcoin Law Effective September, E-Wallets to Get $30 Worth of Crypto

President Nayib Bukele made the announcement during a national address on Thursday.

AccessTimeIconJun 25, 2021 at 3:18 a.m. UTC
Updated Sep 14, 2021 at 1:16 p.m. UTC

El Salvador's Bitcoin Law, which is expected to make the crypto legal tender within the Central American nation, is set to come into effect on Sept. 7, Reuters reported Friday.

  • El Salvador 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 US$30 of bitcoin for everyone who downloads it, elsalvador.com reported.
  • The $30 in bitcoin will be sent to users' wallets once they verify their identities 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, 19 opposed and three abstained.
  • The country's Bitcoin Law would make bitcoin 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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