[Taklimakan Blog] Every Adult Resident of El Salvador Will Receive $30 in Bitcoins for Free

Digital coins will be distributed to all residents of the country who run a special crypto wallet

El Salvador’s President Nayib Bukele said at a press conference that every adult in the country who installs the state-developed Chivo crypto wallet app will receive $30 in bitcoin.

According to the president, the free distribution of digital coins is carried out to popularize the use of bitcoin and a crypto wallet. Bukele claims the app will work wherever there is a cellular signal. He also added that the law on recognizing bitcoin as a means of payment will come into force on September 7 this year.

Yahoo Finance TV presenter Zach Guzman calculated that the El Salvadorian authorities would have to buy bitcoins for $195 million. He made this conclusion based on the fact that the country’s adult population is 6.5 million.