• Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners
Monday, May 16, 2022
No Result
View All Result
Our Bitcoin News
  • Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners
  • Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners
No Result
View All Result
Our Bitcoin News
No Result
View All Result

El Salvador to launch Bitcoin wallet ‘Chivo’ in Sept.

by Gauri Bhatia
24 August 2021
El Salvador to launch Bitcoin wallet ‘Chivo’ in Sept.
Share on FacebookShare on Twitter

After announcing Bitcoin as a legal tender of El Salvador in June, El Salvador is now gearing to launch a government-issued Bitcoin wallet called ‘Chivo’. The wallet will be available to download from the app store from September 7.

To encourage the use of Bitcoin, Chivo announced that it will distribute $30 worth of Bitcoin to every individual who downloads the wallet. However, it was reinstated that the use of Bitcoin and Chivo is not mandatory, and is completely up to the users’ discretion.

El Salvador’s president Nayib Bukele passed a bill in June this year that officially recognized Bitcoin as the legal tender of the country. The ‘Bitcoin Law’ stipulated that Bitcoin would be used as the national currency along with the US Dollar.

Before the announcement, the US Dollar was the only official currency of El Salvador since 2001. Bitcoin, as the legal currency, would come into effect from September 7 along with the launch of the government’s wallet ‘Chivo’.

In the announcement, President Bukele reemphasized that Bitcoin adoption is not compulsory. He mentioned some of the negative voices over the recent move, however, he believed the benefits would soon outweigh.

Some of the benefits of ‘Chivo’ include the automatic conversion of Bitcoin transactions into dollars. Users can also store their Bitcoins in the wallet and later cash them out at the newly installed 200 of El Salvador’s ATMs.

Additionally, there will be 50 places called ‘Punto Chivos’ where individuals can make deposits and withdrawals and will act as a crypto education center as well.

Those without citizenship of the country can also access the wallet to give tips to tourist workers.

It was announced in the Bitcoin Law that products could be valued in Bitcoin units and taxes could be paid in Bitcoin as well. The English translation of the bill noted:

“In order to promote the economic growth of the nation, it is necessary to authorize the circulation of a digital currency whose value answers exclusively to free-market criteria, in order to increase national wealth for the benefit of the greatest number of inhabitants.”

Previous Post

Demand for CryptoPunks rises after Visa bought one

Next Post

Binance declares claims of market manipulation false

Gauri Bhatia

Gauri Bhatia

Gauri is a full-time Content Writer at Our Bitcoin News. With a degree in Economics, she covers major news and concerns surrounding crypto-space.

Related Posts

New bipartisan bill seeks to make CFTC official cryptocurrency regulator

New bipartisan bill seeks to make CFTC official cryptocurrency regulator

by Gauri Bhatia
29 April 2022

Some US bipartisan lawmakers have submitted a bill that seeks to foster innovation in the cryptocurrency space and build a...

Animoca Brands establishes joint venture with OneFootBall following $300M round

Animoca Brands establishes joint venture with OneFootBall following $300M round

by Gauri Bhatia
29 April 2022

Hong Kong-based Web 3 giant Animoca Brands has now formed a strategic joint venture with OneFootball, Football news and media...

Goldman Sachs issues its first Bitcoin-backed loan: report

Goldman Sachs issues its first Bitcoin-backed loan: report

by Damien Martin
29 April 2022

Goldman Sachs has taken another bullish step towards the digital asset space, now offering Bitcoin-collateralized loans to its customers, media...

No Result
View All Result

Recent Posts

  • The TRON Grand Hackathon 2022 Returns for Season 2
  • Of bulls and bears: Crypto giant Huobi Global beats the odds
  • TUSD Announces New Domain Name While Continuing to be a Top Stablecoin with its Three Core Competencies
  • Oraichain Enables Decentralized & Publicly Verifiable Randomness Generation For Dapps On Fantom Network
  • Lina Valentina’s “No More” NFT Collection Denounces Domestic Violence
Our Bitcoin News

© 2021 Our Bitcoin News

Navigate

  • Home
  • Press Release
  • Sponsored
  • Our Journalists
  • Advertise
  • Editorial Policy
  • Privacy Policy
  • Terms & Conditions

Follow Us

No Result
View All Result
  • Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners

© 2021 Our Bitcoin News