President Bukele of El Salvador reveals the official bitcoin digital wallet.
El Salvador's President, Nayib Bukele, released a new bitcoin digital wallet, saying that citizens will receive $30 after they download it.
El Salvador has announced the launch of an official digital wallet for BTC and other currencies, according to a local media report published on June 24. The initiative comes after the country's adoption of bitcoin as legal cash, which drew a lot of attention to the Central American country.
Chivo is the name of the new wallet, and it will be the basis for everyday use of the currency.
President Nayib Bukele, who spearheaded the drive to recognise bitcoin as legal cash, stated at a conference that the government would provide $30 in bitcoin to users who downloaded the app. In his remark, he also emphasised the advantages of bitcoin, such as the ability to send money at any time of day and the lack of middlemen.
On both Android and iOS, the app will be available. The wallet will also work with other digital wallets currently available. It will be delivered later this year, in time for the September 7th implementation of the bitcoin law.
El Salvador appears to be quite interested in going forward with bitcoin legality, based on recent events. From inception to approval, the law moved rapidly, with little to obstruct its acceptance. Some government politicians have alluded to the difficulties that come with making the asset legitimate, such as paying employees' salary.
El Salvador's decision to accept bitcoin has also been questioned by the International Monetary Fund. Their main worries are legal and macroeconomic issues, on which officials have spoken with the country. El Salvador's bid to make bitcoin legal tender was likewise rejected by the World Bank.
El Salvador bitcoin experiment
El Salvador, as the first country to make bitcoin legal tender, will serve as an interesting proving ground for how the asset develops. BTC will play a significantly bigger role in the country's economy as legal tender, which means businesses must accept it if it is the preferred method of payment.
While citizens have the option of accepting dollars, it will be interesting to see how many choose for bitcoin. Its volatility may be a concern, but they stand to gain from holding the asset as well. Citizens themselves do not appear to have said anything about the new law as it stands.
Other countries will most likely examine El Salvador's law to see what impact it has, but it is unlikely that others will follow suit anytime soon. El Salvador's embrace of bitcoin, whether successful or not, will provide us with the first look of how bitcoin will perform in everyday life.