El Salvador Now Offers $30 Bitcoin Starter Accounts to Promote Use
El Salvador’s president says use of the cryptocurrency Bitcoin will not be mandatory, but the country is planning to give out starter accounts with $30 (roughly Rs. 2,200) to promote its use.
Finance Minister Alejandro Zelaya said Thursday the government will allocate $120 million (roughly Rs. 890.70 crores) to establish as many as 4 million starter Bitcoin accounts, or “wallets,” though he doesn’t think that many people will take up the offer. The wallets are to be known as “Chivo,” a slang word meaning “cool,” or nice.
President Nayib Bukele said that when the law takes effect in September, accepting Bitcoin will be optional.
“Nobody will have to accept Bitcoins if they don’t want to,” Bukele said.
El Salvador’s Legislative Assembly approved legislation on June 9 making Bitcoin legal tender in the country, the first nation to do so.
Zelaya said the $120 million for the accounts will come out of the government’s general fund. “Upon registering, the person will receive $30 dollars in Bitcoins” to promote the scheme, Zelaya said.
