El Salvador’s President Gears Up To Implement Bitcoin Law On Sep 7

Nayib Bukele, the president of El Salvador, has disclosed the framework for the forthcoming enactment of the set of rules named ‘Bitcoin Law’ to begin from 7th September, after which the Chivo app (as a crypto wallet) will be offered for download.

Chivo app claims zero commission

In a 23rd August tweet thread, El Salvadoran president Nayib Bukele stated that the Chivo app would contain a feature to allow users to convert their BTC holdings to dollars. People who wish to hold their BTC for a later withdrawal as cash can use the feature via any among the 200 ATMs to be specified by the authorities. Moreover, 50 branches would be constructed across El Salvador to serve for the deposits and withdrawals along with educating about how to utilize the ATMs and wallets. He also pointed that the service of cash withdrawals would be available throughout the 24 hours without the demand of any commissions.

It was in June that Bukele first revealed the Chivo wallet’s creation. According to him, adult citizens would be given $30 in Bitcoin for downloading the application. Another benefit of El Salvador’s Bitcoin Law, as Bukele stated, is that a lot of money would be saved, which was usually spent on remittances. He elaborated his point by saying that up to $400M is paid by his town in remittance commissions annually. An enormous advantage would be availed by the community by saving this only. He further stated that carrying cash would also be avoided by using this service.

BTC adoption optional in El Salvador

The residents of El Salvador will be permitted from 7th September onwards to download and use the application as Bitcoin Law of the country will be implemented on that day. The aforementioned advantages will only be accessed by those individuals who will register themselves on the wallet. After a remarkable legislation voting favored the Bitcoin Law proposed by the president in June, a lot of opposition was faced by the plan.

For hindering in the proceedings of the crypto inclusion by the country, a refusal to support El Salvador was announced by the World Bank. Even then, the president focused on that the citizens are free to choose whether they want to adopt Bitcoin as it is not a compulsion. Bukele concluded by stressing that some people may think like those who only looted the country and paid to do assassination in it while others will support the government.