El Salvador citizens set to receive US$ 30 worth of bitcoin
by: Dynasty GI2021-06-30
El Salvador’s President, Nayib Bukele, has promised to give US$ 30 in bitcoin for each adult citizen who downloads and registers for the government’s cryptocurrency app.
The promise was made as the president unveiled details of the plan to make El Salvador the first country in the world to adopt bitcoin as legal tender, as of September this year.
Mr Bukele also sought to reassure Salvadorans that the country will maintain the US dollar as its official currency, with the use of bitcoins being optional. In his address to the nation, President Bukele suggested he stands by the timetable that will make bitcoin legal tender just three months after the plans were approved by the country’s parliament.
"Dynasty Global Investments AG co-founder, Fábio Asdurian, sees the move by El Salvador as a possible strategy for other countries. “This is what can happen when people begin to have a clearer understanding of what cryptocurrencies are and how blockchain works. We are not surprised,” he said."
The timetable seemed to be under threat after the World Bank rejected El Salvador’s request for help with the implementation, citing risks to financial crime and to the environment. One of the main drivers for the use of the cryptocurrency as legal tender is the potential to make it easier and cheaper for the many Salvadorans who live abroad to send remittances back to families in the country.