The President of Salvador, Najib Bukele, announced that he would offer cryptocurrencies worth 30 dollars to every citizen who applies to use a digital wallet, Bloomberg writes.
The government will create its own bitcoin wallet called live, which in slang means “cool”.
The money will be deposited in the account of every citizen who takes over “live” and registers as a user with his phone number and ID number, SeeBiz reports.
The law that will make bitcoin a legal tender comes into force on September 7.
Bukele believes that this move will turn El Salvador into an attractive destination for investors, that it will encourage consumption and that it will reduce the costs of millions of citizens of that country who work abroad and send money home.
The parliament of that Central American state adopted a law at the beginning of June, by which bitcoin became a legal means of payment.
This means that, among other things, prices in that country can now be expressed in bitcoins and that taxes and contributions can be paid in that digital currency.