Bitcoin surged for the third day in a row after El Salvador President stated that the country’s bitcoin legal tender will be implemented officially on September 7th. Moreover, the government will gift every citizen $30 equivalent in bitcoins via an e-wallet if the citizens install “Chivo Wallet”.

The “Chivo Wallet,” as the government named it, is an electronic wallet that will allow users to receive bitcoins and dollars, as well as make payments, transfers, and conversions between the two currencies, all in real-time. It will be accessible for download on a variety of platforms, notably Android and iPhone phones.

It simply requires users to be linked to a network to operate it, even if it does not consume internet bandwidth, President Bukele promised that as a State, he will “ensure” a better connection throughout the country.

To gain access, users will need a Unique Identity Document (DUI) number and phone number, as well as facial recognition or call center registration. The user will receive $ 30 in bitcoin upon logging in.

The app will have two accounts: one in dollars and the other in bitcoin; the $ 30 incentive, for example, will be in bitcoin but can be converted to dollars.

President Bukele explained, “Miguel will be able to pay his bill in bitcoin but Roberto, who sold it to him, will be able to receive it in dollars.”

Previously, the president stated that they will entrust the conversions to the Development Bank of El Salvador, beginning with a sum of $ 130 million.

Source : Todayq News https://news.todayq.com/news/el-salvador-declare-btc-law-to-be-effective-in-september-govt-welcomes-e-wallet/