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El Salvador’s Bitcoin Law Effective September, E-Wallets to Get $30 Worth of Crypto

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El Salvador’s Bitcoin Law, which is expected to make the crypto legal tender within the Central American nation, is set to come into effect on Sept. 7, Reuters reported Friday.

  • El Salvador President Nayib Bukele made the announcement during a national address on Thursday, per the report.

  • The government will use the Chivo e-wallet, preloaded with US$30 of bitcoin for everyone who downloads it, elsalvador.com reported.

  • The $30 in bitcoin will be sent to users’ wallets once they verify their identities via the app’s face recognition software, according to a video of Bukele presenting the feature on Friday.

  • On June 9 the law passed by a supermajority in El Salvador’s legislature, with 62 members voting in favor of the bill, 19 opposed and three abstained.

  • The country’s Bitcoin Law would make bitcoin legal tender, where merchants must accept it, alongside the U.S. dollar.

  • Opposition has been mounting against the country’s newly legislated law, with some arguing it violates El Salvador’s constitution.

See also: Deputy of El Salvador’s Opposition Party Sues Country Over Bitcoin Law

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