El Salvador's Bitcoin (BTC) Law to Take Effect on September 7th 14
Bitcoin (BTC) News

El Salvador’s Bitcoin (BTC) Law to Take Effect on September 7th

Avatar photoBy John P. Njuion
  • El Salvador’s law embracing Bitcoin as legal tender will take effect on September 7th
  • The Government of El Salvador has pledged to airdrop $30 to each adult citizen who use the country’s very own Bitcoin wallet of Chivo
  • The airdrop could be worth $180 million or more using an estimated adult population of 6 million
  • Bitcoin adoption continues to grow with Paraguay also considering similar legislation

The highly anticipated law by the El Salvador legislative assembly recognizing Bitcoin as legal tender will take effect on the 7th of September. The announcement was made by President Nayib Bukele in a national address made yesterday, June 24th.

Adult Citizens to Receive $30 in Bitcoin

Additionally, the government of El Salvador will airdrop $30 in Bitcoin to every adult citizen of the country through a BTC wallet being developed locally. The wallet, known as Chivo, is expected to be complete in the same month of September. The Chivo app will allow users to transact in Bitcoin as well as converting BTC to USD and vice versa.

President Nayib Bukele informed the world of the Bitcoin app through the following Tweet.

Bitcoin Airdrop Could be Worth Over $180 Million

The CEO of Binance, CZ, chimed in on the $30 airdrop to each adult citizen of El Salvador by highlighting that the event had the potential of automatically adding 6 million new users to the Bitcoin network at one go. This in turn translates to a distribution of Bitcoin worth $180 million or more by a government to its people. CZ shared his input through the following Tweet.

Paraguay Announces a Bill to Acknowledge Bitcoin as Legal Tender

As El Salvador is preparing to implement its newest BTC law, Paraguay is following a similar path with the introduction of a new bill that aims at recognizing Bitcoin as legal tender. The new bill is a combined effort by lawmakers of Paraguay and spearheaded by the country’s Deputy, Carlos Rejala.

If the bill is successful, Paraguay will become the second country to recognize Bitcoin as legal tender.

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John P. Njui
John is a journalist and writer with a vast crypto and blockchain industry background. He has been passionately writing and creating crypto content since 2017. When not immersed in the complex world of decentralized finance, John is often seen playing a chess game or running a marathon. He is a man of many talents.