Adults In El Salvador To Get $30 In Bitcoin As Nation Unveils Details To Make Crypto Legal Tender

As President Nayib Bukele revealed details about how El Salvador would be the first country to legalize bitcoin late Thursday, every adult citizen of El Salvador will get $30 worth of bitcoin if they download and register the government’s cryptocurrency app.

Since 2001, El Salvador has used the U.S. Dollar as its official currency. Bitcoin will not replace it but join it as legal tender. The world was both exciting and nervous when accepting cryptocurrency as legal tender, a first in the world, was made. It was seen as a sign of the future by enthusiasts. Many lawmakers from around the globe have supported the widespread adoption of digital currencies.

However, sceptics raised concerns about transparency and the impact of bitcoin on the environment. They also questioned the practicalities of implementing the law in practice. The three-month timeline El Salvador had set for implementing the law, which Bukele suggests is unaltered, was put at risk in June when the World Bank refused to assist the country with implementing crypto as legal currency. This was citing environmental and financial crime risks.

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Robert Scoble
Robert is the assistant managing editor for HC News, overseeing coverage of markets, companies, strategy and business leaders. Originally from Boston, Scoble began his journalism career in 1997 & now resides outside New York.

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