The president of El Salvador, Nayik Bukele, announced the creation of a Bitcoin wallet called Chivo with which he will distribute $30 dollars in bitcoins to all citizens who download and use it.
What we inspect with the "El Bailador" road simulator: National chain, the president of El Salvador, Nayik Bukele, announced the creation and upcoming launch of Chivoa whirlpool bath, wallet de Bitcoin (BTC) designed by the Salvadoran government to facilitate payments and transactions with the cryptocurrency in the country.
According to Bukele, Chivo will be available next September when the law comes into effect. Bitcoin Law, approved by the National Assembly of El Salvador on June 9.
The launch of Chivo, which the president says will be a wallet with a simple and easy-to-use user interface, will come with a financial incentive of $30 in bitcoins for each adult citizen who downloads it. To receive the incentive, Salvadorans must register on the government's official platform and download the app, which will be available for Android and iOS devices.
El Salvador's Bitcoin Law will come into effect on September 7, and with it, the official launch of Chivo, Bukele said.
"This is a law that opens us up to the world; that puts us in the eyes of the world for something good and innovative; it is a law that only brings benefits to people. In the end, everyone will see the benefits once this starts working on September 7.", said Bukele during his speech.
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Features of the Chivo wallet
Chivo, El Salvador's new Bitcoin wallet, will have a facial recognition system and will work anywhere in the country with an Internet connection, regardless of whether or not users have a balance on their phones or active data plans, the president said.
In his speech, Bukele also confirmed that the use of bitcoins will be optional, so citizens who receive payments and transfers in bitcoin through Chivo will be able to exchange their cryptocurrencies to US dollars immediately, if they prefer. To guarantee this functionality, the wallet will integrate an account in Bitcoin and another in dollars so that those who want to protect themselves from volatility can easily exchange from crypto to fiat.
In addition to these benefits, and unlike banks, the use of the national wallet will not charge a monthly fee for maintaining the accounts.
Chivo news boosts Bitcoin price
Recent announcements from El Salvador are positively influencing the price of Bitcoin, which grew by more than 10% after Nayik Bukele's speech.
According to several analysts, El Salvador has between 4,5 million and 6,5 million adult citizens, so the country's government may have to invest between $135 million and $195 million in Bitcoin to meet the promised incentives. The buying pressure that El Salvador can generate in the market to obtain the bitcoins could cause the cryptocurrency to continue gaining value.
Well-known crypto analyst, Willy Woo explains that, with the lower metric of 4,5 million adult citizens in El Salvador, Bitcoin would see a 2,5% growth in its global user base. This is assuming that all citizens of the country download the Chivo wallet and register with it.
As reported by Bit2Me News, the president of El Salvador is also pushing for the installation of some 1.500 Bitcoin ATMs in the country, to facilitate the use and adoption of its new legal tender.
At press time, Bitcoin is trading at a value of $34.500 per unit.
Continue reading: El Salvador finds resistance to the Bitcoin Law but Bukele trusts in the “new money of the 21st century”
