Jun 25, 2021 by Andrei Calina
Facebooktwittergoogle_plusredditpinterestlinkedinmail

El Salvador just marked a world premiere earlier this month, after making Bitcoin a legal tender on June 9. And it appears they’re not willing to stop here, as the government is set to airdrop tokens for citizens, in an attempt to promote its use.

In a state address, president Nayib Bukele announced that every registered user will receive $30 worth of Bitcoin, in partnership with mobile wallet service provider Chivo.

The beginning of something even bigger?

The president revealed that they are currently working with more major cell phone operators in order to make the Bitcoin wallet available, adding that the airdrop program is just one phase of the adoption scheme since more than 70% of the population in El Salvador doesn’t have access to banking facilities.

Those who will eventually receive the $30 in Bitcoin can use them with ease, through their smartphones, without having a bank account. Obviously, it will be interesting to watch if this decision will trigger the population’s interest in cryptocurrencies.

A full Bitcoin law, coming in September

El Salvador’s ‘venture’ into cryptocurrency will continue, as the country’s new Bitcoin Law is expected to come into effect from September 7. This was confirmed during the same state address, as the president revealed that the World Bank denied any support regarding implementing Bitcoin as a legal tender. However, they will eventually receive support with implementation from CABEI.

Nayib Bukele is known for his views regarding decentralization and how adopting the digital asset can help the country recover from the financial misery it’s currently struggling with.

Finally, besides the airdrop program and installation of Bitcoin ATMs, El Salvador could become a hub for clean mining, as the entire range of operations can be powered by volcanic geothermal energy, with 0% emissions.

Facebooktwittergoogle_plusredditpinterestlinkedinmail