El Salvador to Make Crypto a Legal Tender and Give $30 in Bitcoin to Every Adult Nationwide
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As soon as they register to the government’s cryptocurrency app, all adult citizens in El Salvador will receive $30 in Bitcoin, as announced by President Nayib Bukele.
The decision was made in an attempt to encourage the use of crypto as a means to avoid high commission and transaction costs for those who send remittances back to the country. Although there were split views about the new law, about to come into effect in a few months, the President is enthusiastic about it and this recent move proves it.
$30 in Bitcoin for Every Citizen in El Salvador
El Salvador’s President Nayib Bukele announced that the nation will embrace and become the first country to adopt Bitcoin as a legal tender. The “Bitcoin Law” is expected to come into effect on the 7th of September, and until then, all adult citizens who download and register to the government’s crypto app would receive $30 worth of Bitcoin.
The President addressed the public on Thursday, explaining that the US dollar would continue being a legal tender and the Bitcoin would be optional. Since there were some concerns that Bitcoin would completely replace the dollar, the President had to reassure citizens that the crypto won’t be mandatory. Some citizens were concerned that the adoption of Bitcoin as a legal tender would be the same as when the country adopted the dollar and all of their funds on their bank accounts were automatically converted from colons to dollars. But Bukele promised that it won’t be the same with Bitcoin. In fact, he reiterated that citizens would be able to choose whether they want to receive their pensions and salaries in dollars or Bitcoin. Even though anyone can be paid in Bitcoin, it would still be entirely optional.
The reason why the nation is adopting Bitcoin, as Bukele explained, was to help those sending remittances back to the country, to avoid the hefty commission and transaction costs.
What Do People Think About This?
It is perfectly normal for people to have different opinions when it comes to serious issues like the adoption of a new currency, especially when it comes to digital currency. So, enthusiasts in El Salvador expressed support for adopting the widespread use of cryptocurrencies, and for them, this was a sign of better things to come. Sceptics, on the other hand, expressed concerns about the environmental impact and the transparency of Bitcoin. The fact that the World Bank rejected the government’s request to help El Salvador implement the digital currency as a legal tender further worsened things.
However, the President is hopeful (and ambitious) to implement the law in three months, so you should not be surprised to see a new wave of El Salvador players across Bitcoin casinos at the beginning of September. Having the government’s back, El Salvador online casino players would probably want to make their deposits and withdrawals in Bitcoin to, just like the President said, avoid unnecessary fees and transaction costs they normally need to pay when transacting with all kinds of payment methods, using the dollar.
