Government of El Salvador invites its citizens to subscribe in its bitcoin wallet and in return it will pay them

Chivo is the name of the application that Salvadorans will use to save or exchange their bitcoins and it will be available within 2 months

Photo: Photo by MARTIN BUREAU / AFP / AFP / Getty Images

The president of El Salvador, Nayib Bukele, announced that the bitcoin wallet (BTC ) of the central government will be available next September. It will be through a mobile application available for IOS and Android. Bukele promised that with the single registration the Salvadorans will receive $ 30 dollars in bitcoins.

It is a reward for the simple fact of registering, the bonus will be awarded in bitcoins. In this regard, Bukele said that if it was a person who prefers to keep their funds in dollars, this promotional payment will be “the only balance they have in bitcoins.

“Chivo” is the name of the app that Salvadorans must download to access the bitcoin portfolio created by the government . As it is a mobile application, the president of the country assured that it will work from any device and from anywhere in the country, only a connection to WI-FI will be needed.

“You will not need a data plan or balance on your cell phone, simply if there is an Internet signal you can use the wallet either for transactions, to pay, receive money, receive remittances or check the account statement “. Bukele affirmed.

To do this, the state has a plan to enable the internet throughout the country. On the other hand, the platform guarantees immediate convertibility, for this it will have two accounts linked: one in bitcoins and the other in dollars. This will give the user the option to accept payments in BTC but receive it in dollars.

The consumer will be fully entitled to pay in bitcoins and the merchant you will have the opportunity to receive it in dollars because the convertibility is immediate. In addition, this government wallet will be compatible with any other wallet in the world.

El Salvador, this month became the first country in the world to pass a law that allows the adoption of bitcoin as legal tender. measure that will enter into force in September of this year. On this Law, Bukele affirmed that it was necessary legislation to approve otherwise “a dirty campaign” against the legal tender of bitcoin, would have expired.

The Law enters into force on September 7 , with the firm intention of attracting investors to the Central American country, foreign exchange and tourism; in short, “boost the economy”.

How to subscribe to the Chivo application:

• You should download the application on your mobile phone.
• Like any other wallet, you must register on the government platform with a personal identification number, as well as the phone number.
• Later you will have to do a check of facial recognition, as many platforms request it as well.
• And finally, you will have to do a verification process through a phone call .
• Then you will create the account.

There are personal accounts and business accounts, you will select according to your convenience.

It is important to note, that if someone does not want to receive bitcoins, they simply will not receive it. Everyone will have the option of using the currency they decide, be it real or digital. Also, Bukele denied that dollar accounts will be converted to bitcoin accounts.

Since the approval of bitcoin as a legal tender in El Salvador was announced, remittances quadrupled and it is expected that once the law enters into force, the sending of remittances will also increase as this is one of the main objectives of this legislation, according to the country’s president.

In the variation of Salvadoran Spanish, the word goat, chosen name for the government wallet app, it is to refer to something cool or well done.

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