El Salvador to Airdrop $30 Worth of Bitcoins to Every Adult Citizen
Nayib Bukele, president of El Salvador, a country using the US dollar as the go-to fiat, announced that the country's new Bitcoin laws will be effective from September 7. From then on, Bitcoin will be a legal tender in this country.
The president also confirmed that the government will airdrop $30 worth of Bitcoins to every adult citizen in the Latin American country, as long as they download the El Salvador government's official Bitcoin wallet application.
This move has been cheered by the wide cryptocurrency community around the world. Though the official count of El Salvador's adult citizens is not known, many are estimating that the count could be around 4.5 million.
It is estimated that if all the adults in the country receive the free Bitcoins, the Bitcoin user community will groe by almost 2.5 percent. And in response, El Salvadoran government will spend more than $100 million to procure Bitcoins.
"The use of Bitcoin will be optional, nobody will receive Bitcoin if they don't want it…If someone receives a payment in Bitcoin they can choose to automatically receive it in dollars," President Bukele said in the press conference. He also stressed that salaries and pensions will continue to be paid in US dollars.
Fazacco has reported that El Salvador is also developing a plan to build geothermal facilities using the energy from the country's volcanoes for Bitcoin mining.
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