- El Salvador’s 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 $30 of bitcoin for everyone who downloads it, elsalvador.com reported.
- The $30 in bitcoin will be sent to a user’s wallet once they verify their identity 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, while 19 opposed and three abstained.
- The country’s bitcoin law effectively would see bitcoin become 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
