El Salvador starts testing Bitcoin Legal Bidding 7/9
The most popular cryptocurrency, Bitcoin (BTC), will begin a legal tender process in El Salvador on September 7th and will be optional for those who do not wish to receive it, El Salvador’s President Nayib Bukele said in a national address yesterday.
El Salvador will begin testing Bitcoin Legal Bidding on September 7th
President Bukele stressed that BTC will help create new jobs, make investments, and accused opponents of a “dirty campaign” against himself and BTC trying to “make people happy”. if there are no problems. “
Bukele reiterated that someone who receives a payment in BTC after it becomes legal tender can automatically convert it to dollars if they wish, while pensions and salaries continue to be paid in USD.
The president also tried to appease concerned citizens by saying the U.S. dollar will remain legal tender and that BTC is a different currency – it has no bills, no money, metal, and it works in the digital world .
“One of the reasons we passed the Bitcoin Bill was precisely to help senders send money transfers while also eliminating the high commission costs associated with sending money home,” said Bukele.
El Salvador relies heavily on remittances from workers abroad. World Bank data shows remittances to the country amounted to nearly $ 6 billion, or about a fifth of gross domestic product (GDP) in 2019, one of the highest rates in the world.
Meanwhile, Athena Bitcoin plans to invest more than $ 1 million to install several 1,500 BTC ATMs in El Salvador, Reuters reported, citing a company official.
“First we will bring in dozens of machines, (we will) test the business model in El Salvador, which may be different than in the USA,” said the director responsible for Latin America Matias Goldenhorn.
The company installed its first crypto ATM on El Zonte Beach in El Salvador, also known as Bitcoin Beach.
According to the Athena Bitcoin website, ATMs can be used to buy bitcoins or sell them for cash.
Even according to the latest news, Salvadorans are getting free bitcoins from the government.
Salvadorans receive free bitcoins from the government
Bitcoin News El Salvador will hand out $ 30 worth of bitcoins to every adult citizen, President Nayib Bukele announced in his live address on Friday.
In addition, Bukele also introduced a Bitcoin wallet called “Chivo” (a slang term for “cool” in Spanish) that works on both Android and iOS devices.
Salvadorans can receive gifts after registering. You will be asked to provide a DUI (Salvador ID) and a telephone number.
Bukele believes this will help create incentives for citizens to use cryptocurrencies
The President gives step-by-step instructions on how to use the app on national television.
Citizens can transfer Bitcoins instantly in the app in US dollars and Chivo does not use any data, which means that citizens do not need a cellular plan:
“The wallet app even works wherever there is a cellular connection and you don’t need to have a cellular tariff for the app.”
App users will use QR codes to make payments and send money and can also buy and sell cryptocurrencies here.
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