September 19, 2021

Every adult resident of El Salvador will receive $ 30 in bitcoins for free

Digital coins will be distributed to all residents of the country who run a special crypto wallet.

El Salvador's President Nayib Bukele said at a press conference that every adult in the country who installs the state-developed Chivo crypto wallet app will receive $ 30 in bitcoin.

According to the president, the free distribution of digitalcoins are held with the aim of popularizing the use of bitcoin and crypto wallet. Bukele claims the app will work wherever there is a cellular signal. He also added that the law on recognizing bitcoin as a means of payment will come into force on September 7 this year.

Yahoo Finance TV presenter Zach Guzman calculated,that the authorities of El Salvador will have to buy bitcoins for $ 195 million. This conclusion he made on the basis of the fact that the adult population of the country is 6.5 million people.

American company Athena announced plansinstall 1,000 cryptomats in El Salvador so that the country's residents can buy cryptocurrency and exchange it for regular money, CNN Espanol reports. The head of state, Nayib Bukele, on Twitter suggested that the company increase the number of cryptomats in the country to 1.5 thousand.

El Salvador is the first country in the world to legally recognize bitcoin as an official means of payment. The corresponding decision was made by the country's parliament on June 9.

According to the law, prices in El Salvador caninstalled in bitcoins, it will also be possible to pay taxes in cryptocurrency. The exchange of bitcoins for dollars, also the currency of El Salvador, will not be subject to capital gains tax, while bitcoins will be exchanged at market rates.