El Salvador’s Bitcoin (BTC) Law to Take Effect on September 7th
- El Salvador’s law embracing Bitcoin as legal tender will take effect on September 7th
- The Government of El Salvador has pledged to airdrop $30 to each adult citizen who use the country’s very own Bitcoin wallet of Chivo
- The airdrop could be worth $180 million or more using an estimated adult population of 6 million
- Bitcoin adoption continues to grow with Paraguay also considering similar legislation
The highly anticipated law by the El Salvador legislative assembly recognizing Bitcoin as legal tender will take effect on the 7th of September. The announcement was made by President Nayib Bukele in a national address made yesterday, June 24th.
Adult Citizens to Receive $30 in Bitcoin
Additionally, the government of El Salvador will airdrop $30 in Bitcoin to every adult citizen of the country through a BTC wallet being developed locally. The wallet, known as Chivo, is expected to be complete in the same month of September. The Chivo app will allow users to transact in Bitcoin as well as converting BTC to USD and vice versa.
President Nayib Bukele informed the world of the Bitcoin app through the following Tweet.
— Nayib Bukele 🇸🇻 (@nayibbukele) June 25, 2021
Bitcoin Airdrop Could be Worth Over $180 Million
The CEO of Binance, CZ, chimed in on the $30 airdrop to each adult citizen of El Salvador by highlighting that the event had the potential of automatically adding 6 million new users to the Bitcoin network at one go. This in turn translates to a distribution of Bitcoin worth $180 million or more by a government to its people. CZ shared his input through the following Tweet.
6 million people added to the crypto ecosystem in one go. 👏 pic.twitter.com/DVoW6vLrAK
— CZ 🔶 Binance (@cz_binance) June 25, 2021
Paraguay Announces a Bill to Acknowledge Bitcoin as Legal Tender
As El Salvador is preparing to implement its newest BTC law, Paraguay is following a similar path with the introduction of a new bill that aims at recognizing Bitcoin as legal tender. The new bill is a combined effort by lawmakers of Paraguay and spearheaded by the country’s Deputy, Carlos Rejala.
If the bill is successful, Paraguay will become the second country to recognize Bitcoin as legal tender.
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