El Salvador to airdrop $30 in Bitcoin to every adult citizen

El Salvador to airdrop $30 in Bitcoin to every adult citizen

In a bid to reduce inflation has El Salvador has announced that every adult citizen will receive US$30 worth of Bitcoin (BTC) from the central bank. While the government has not yet revealed whether it will distribute the crypto-currency via bank transfer, a spokesperson told CoinDesk that the initiative was meant to help the young country’s economy.

El Salvador may become the first country in the world to airdrop free bitcoin to all its citizens as part of a cryptocurrency project.

El Salvador is a small, impoverished nation with an impoverished population that has only recently managed to open itself up to cryptocurrencies. This will be the first time cryptocurrency has been used in a national program. El Salvador’s Deputy Minister of Technology, Energy, and Telecommunications, David Rodriguez, has said that the installation of the first cryptocurrency-based wallet available for its citizens will be completed by the end of the year.. Read more about when did bitcoin come out and let us know what you think.

El Salvador to airdrop $30 in Bitcoin to every adult citizen

The president of El Salvador has announced that the government will give every adult citizen in the country a bitcoin (BTC) worth $30.

Bitcoiners have welcomed the announcement, with influencers pointing out that the government of El Salvador will have to buy the necessary BTC it wants to distribute, which would put more than $100 million in pressure on the markets.

Estimates of El Salvador’s adult population, which can be quickly googled, vary. Willie Wu, an analyst at Onchain, tweeted that the global bitcoin user base would grow by 2.5 percent thanks to the arrival of 4.5 million Salvadorans.

Others estimate El Salvador’s adult population at 6.5 million (which is in fact the total population), and Yahoo Finance presenter Zach Guzman used that number as a rough estimate, claiming that $195 million worth of bitcoins would be left in the country.

6 million people joined the crypto ecosystem at once pic.twitter.com/DVoW6vLrAK

– CZ Binance (@cz_binance) 25. June 2021

Exact figures are hard to come by, but Statista shows that the population of 15 years and older in 2019 is 4.72 million.

Twitter’s euphoria over cryptocurrencies may be a bit premature, however, as local publication Prensa Latina noted that Salvadoran citizens will only receive free bitcoins after downloading a government-issued crypto-currency wallet app.

The news was announced at a press conference on the 25th. Bukele announced in June that the Wallet app will work anywhere there is cell phone service and that a cell phone subscription is not required for the app to work.

President Bukele also said that the much talked about Bitcoin law, which recognizes BTC as legal tender across the country, will come into effect on Sept. 7.

Related: Opposition challenges El Salvador law on bitcoin

The bitcoin law in El Salvador passed about two weeks ago. Although the move was welcomed by the global cryptocurrency community, the legislation was opposed by the political minority party and the World Bank.

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