Bitcoin News

El Salvador’s President lays out his plans ahead of the implementation of the Bitcoin Law

El Salvador’s President, Nayib Bukele, has announced the structure for the Bitcoin Law’s forthcoming implementation on September 7th. The Chivo wallet app will also be accessible for download on that day.

The Chivo Wallet App has no commission

President Nayib Bukele announced in a Twitter post on August 23rd that the Chivo Wallet app will contain a function that will allow users to change their bitcoin to dollars effortlessly. Individuals who want to keep their BTC and withdraw it later for cash can do so at any of the 200 ATMs that theGovernment will set up in the country.

Furthermore, 50 branches will be built across El Salvador for withdrawals and money transfers and provide knowledge on using the wallet and ATMs. Cash withdrawals are available 24 hours a day, minus commissions, according to the President.

The Chivo wallet was first revealed by Bukele back in June. As per El Salvador’s President, adult citizens who install the app will earn $30 in bitcoin.

According to Bukele, another benefit of the Government’s bitcoin strategy is saving money on remittances. The President backed up his claim by stating:

“Our town pays $400 million a year in commissions on remittances. Only that saving will be a huge benefit for our people (or at least for whoever wants it). There is also the advantage of not having to carry cash. Safer and more practical.”

Bitcoin Adoption not a compulsion for El Salvadorans

Citizens of El Salvador can download the Chivo wallet app from September 7th, when the bitcoin law will be in effect. The benefits can be accessed only by the people who have registered.

Though most of the population had voted in favour of the President’s bitcoin law in June, the idea is now facing a backlash, with the World bank refusing to help the El Salvador government implement the law. However, the President still emphasizes the adoption of bitcoin in the country as optimal.

Addressing the critics, Bukele, in his latest tweet thread, claimed:

“Some will prefer to believe the thieving opponents that they have done nothing more than looting our country. Therefore, destroying it and pay to assassinate our people.”

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.