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El Salvador Assembly approves distribution of $30 in Bitcoin to every citizen

The National assembly of El Salvador approved the law ‘Ley de Creación de Fideicomiso Bitcoin’. This law creates a fund to guarantee the liquidity of Bitcoin (BTC) trading in the country.

El Salvador Assembly approves distribution of $30 in Bitcoin to every citizen

El Salvador Assembly approves distribution of $30 in Bitcoin to every citizen

In total, the fund will have a capital of $150 million.

As a result of the law, the government will be able to distribute around $30 in BTC to each citizen of El Salvador. The measure had been announced by President Nayib Bukele in June, but needed Assembly approval.

Now, the law will be added to the bill that formalizes the adoption of the BTC in the country, which will start on September 7th.

The project was created by President Bukele himself and endorsed by the Salvadoran Ministry of Finance. The bonus distribution will be in BTC and the user will decide if he wants to convert the amount to dollars, spend or simply keep the BTC.

The quotation will be determined at the time of distribution and the value will be delivered to Chivo, El Salvador’s official portfolio. The device allows transactions in dollars and BTC, and does not charge transaction fees.

According to Finance Minister María Luisa Hayem, the fund’s objective is to support the transactions that users make and receive precise amounts when making currency conversions. She also claims that the fund seeks to generate financial inclusion, especially for the poorest citizens.

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This Tuesday (31), the country launched the first commercial on BTC carried out by a government. The piece, which is exactly one minute long, explains how the use of BTC in the country will work.

The commercial highlights that the Chivo wallet will work 24 hours a day, seven days a week. But the big emphasis is on the fact that, contrary to what critics of the law say, the use of BTC will not be mandatory in the country.

“Using Bitcoin will not be mandatory. You will have the option to charge and pay in Bitcoin or US Dollars. All cash transactions, price quotes as well as salaries and pensions will be quoted in dollars. Using Bitcoin is easy and will be optional”, says the piece.

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