El Salvador: Taking all possible measures to promote use of cryptocurrency




El Salvador is investing $ 12 million to create up to 4 million Bitcoin startup accounts (approximately Rs. 890.70 crores) and wallets known as ‘Chivo’ 

HIGHLIGHTS

  • El Salvador intends to provide $30 Bitcoin starting accounts.
  • The country passed Bitcoin legislation on June 9.
  • El Salvador’s President stated that Bitcoin acceptance is optional.

El Salvador’s President has stated that the use of Bitcoin cryptocurrency will not be mandatory, but the country intends to provide $30 (approximately Rs. 2,200) startup accounts to encourage its use.

Finance Minister Alejandro Zelaya announced on Thursday that the government will spend up to 120 million dollars (approximately 890.70 crores) to create up to 4 million starter Bitcoin accounts (s).

Source: Financial Times

Chivo

 The carriages are referred to as “Chivo,” a slang term for “cool” or “nice. “President Nayib Bukele stated that accepting Bitcoin will be optional once legislation goes into effect in September.

Nobody will be forced to accept Bitcoin if they do not want to,” said Bukele. On June 9, El Salvador’s Legislative Assembly approved legislation that makes Bitcoin the country’s first statutory tender. The $120 million for the accounts comes from the general government fund, according to Zelaya. 

According to Zelaya, the person who registers to promote the scheme will receive $30 in Bitcoins. 

The $120 million for the accounts comes from the general government fund. The person who registers to promote the scheme will receive $30 in Bitcoins.

“We hope to reach up to 4 million wallets, covering $120 million,” he said, “but I doubt we will.” He stated. El Salvador’s national debt is already concerning. 

The Bitcoin ATM company has been operating in El Zonte, El Zonte, Salvador, for about a year and plans to open another machine in the capital, as well as ten more shopping centres. The installation has already been announced by the company. The machines either trade or accept and credit Bitcoin dollars.

In El Salvador, digital currency can be used on any operation, and all businesses, with the exception of those lacking the necessary technology, are required to accept Bitcoin payments. El Salvador’s currency, according to law, will remain the US dollar, and no one is required to pay in Bitcoin. The market determines the exchange rate between the two currencies, and any price can be stated in Bitcoin – though the dollar remains the currency of reference for financial purposes.

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