In early June, the El Salvadorian parliament supported the president's initiative and passed a law to legalize bitcoin.
The country's authorities went even further and promised each citizen to transfer $ 30 in BTC. However, to do this, the person needs to install an official Bitcoin transaction application recommended by the government.
The Internet community has supported such a step initiated by the President of Salvador Nayyib Bukele. The authorities need to buy bitcoins worth up to $ 195 million to implement the plan.
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Analysts believe that as soon as BTC purchases for the government of El Salvador begin, the cryptocurrency will become more expensive.
To receive BTC, each person must install the Chivo mobile wallet on their smartphone, the developers of which are partners in the Bitcoin implementation project.
The law on recognizing BTC as legal tender will come into force on September 7, 2021. Sellers of goods and services will have to indicate the value of their products in both US currency and bitcoin.