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El Salvador to give 30 dollars of bitcoin to every adult citizen of the country
Jun, 26 2021
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President of El Salvador Nayib Bukele has announced that each citizen will receive $30 once they sign up to the e-wallet, adding 4 to 6 million people to the crypto ecosystem in one go. This move rose the value of Bitcoin for a third straight day to 5% in just 24-hour to around $34,294.
Bitcoin a legal tender in El Salvador
After El Salvador became the 1st country to adopt Bitcoin as a legal tender, it is now announced $30 worth of Bitcoin to its citizens in the government-issued cryptocurrency wallet application.
Almost 70% of Salvadorans are not having access to the banking system so the government is trying its level best to implement the new mode of transaction and woo its citizens to transact?through Bitcoin.
The president of the Central American nation also mentioned that the bitcoin wallet app works anywhere with a cell phone connection without the need of any recharge plan, making it completely free to use.
Outcome
The announcement was welcomed by Bitcoin users and investors globally, with experts speculating the decision to be a game-changer in the crypto space. This will increase Bitcoin’s global user base by 2.5% if 4.5 million Salvadorans start using Bitcoin for their daily transactions.
As many countries are trying to regulate digital currencies. This comes as a major boon for Bitcoin and other Cryptocurrencies as it faces opposition from El Salvador's minority political party and the World Bank.
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Pavan A
CBW - External Analyst
INDIA
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