The adoption of Bitcoin (BTC) in the tropical country is spreading at a rapid pace.
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In a live speech on Friday, President Nayib Bukele announced that El Salvador will give every adult citizen $30 worth of Bitcoin. Bukele introduced a Bitcoin wallet called “Chivo” (a slang term for “cool” in Spanish) that works on both Android and iOS devices.
Salvadorans will be able to claim the gift at registration. During registration they will be asked to provide their DUI (Salvador ID) and phone number. Bukele believes this will help promote the use of cryptocurrencies. The president offered a step-by-step guide on how to use the app on national television.
Citizens will be able to instantly convert Bitcoin to US dollars within the app. Chivo won’t use any data, meaning citizens won’t need a cellular internet plan:
As previously reported, the landmark bill was passed unanimously on 9 June. Chivo app will be available on Google Play and App Store in September.