El Salvador President Announces A $30 Bitcoin Airdrop Program, Introduces Digital Wallet Chivo

El Salvador continues further with its Bitcoin adoption program! During a national address on 24 June Thursday, El Salvador’s President Nayib Bukele announced a $30 Bitcoin Airdrop Program for citizens to promote BTC. 

The airdrop program will be executed through the introduction of Digital Wallet Chivo. Every registered user who signs up for the Chivo e-wallet using facial recognition will receive $30 worth of BTC.

The government continues working along with major cell phone operators to offer a national bitcoin wallet option. This airdrop program is a pivotal piece of El Salvador’s Bitcoin adoption project because a majority of the country’s population has no access to banking facilities. There is no requirement for a bank account as BTC can be used or directly transferred through the new national mobile wallet system. The mobile wallet application works on both Android or iOS devices.

El Salvador is the first country to make BTC a legal tender that will come into effect on September 7th. Thus, merchants must accept it, alongside the U.S. dollar. The law passed quickly from the conception to approval stage with overwhelming support from the country’s lawmakers. Sixty-two members voted in favor of the bill, while 19 argued and three abstained.

Earlier, El Salvador had reached out to the World Bank to assist it with the technical implementation of Bitcoin, however, facing denial at the end. Later the IMP (International Monetary Fund) also raised concerns about El Salvador’s decision to approve Bitcoin. Their concerns greatly revolved around legal and macroeconomic issues. Nevertheless, CABEI (The Central American Bank for Economic Integration) has promised to support the country with its new legal tender execution.

Nayib Bukele has been instrumental in pushing Bitcoin adoption for the country. Bukele considers BTC an important asset that could lift the country out of financial problems.

Besides, Bukele is also working towards setting up a hub for clean Bitcoin mining. Bitcoin mining through volcanic geothermal energy with 0% emissions is the focus of the idea. El Salvador is in the process of installation of new Bitcoin ATMs.

Post El Salvador’s bold move, a number of Latin American nations have joined the chorus to adopt Bitcoin as a legal tender. On Thursday, Paraguay introduced a bill to make Bitcoin a legal tender. Previously, many other Latin American nations like Mexico, which are currently facing economic headwinds, have shown interest in adopting Bitcoin as a legal currency.