Bitcoin Adoption Day Countdown on 9/7! El Salvador Deploys Hundreds of ATMs, Crypto Wallets to Airdrop Bitcoin

With only two weeks left until El Salvador fully adopts Bitcoin, President Nayib Bukele shared his thoughts on Twitter yesterday (23).

Bitcoin Law Measures

"On September 7, the following will happen: people can download an app to receive Bitcoin or USD payments or gifts. Just by downloading the app, you will get $30 worth of Bitcoin. If people want to receive these benefits, they just need to download the app. If not, they don't have to download it." Salvadoran President Nayib Bukele stated at the beginning of his tweet that people will be able to use services related to the Bitcoin Law according to their will, and the app is El Salvador's official Bitcoin electronic wallet, called Chivo.

Through Chivo, not only can you receive transfers from others, but there will also be no commission when sending money to other users, and the received Bitcoin can also be automatically converted to USD according to the user's needs.

Nayib Bukele also announced the nationwide establishment of Chivo Kiosks and Chivo ATMs, with the former aimed at helping people understand how to use Chivo, how to withdraw or deposit funds, and teaching relevant knowledge about how Bitcoin works. The latter is a 24-hour ATM to help people convert Bitcoin in their digital wallets into cash and withdraw it.

Advantages of Adopting Bitcoin

After fully adopting Bitcoin, Nayib Bukele believes there are two major advantages.

1. El Salvador pays up to $400 million in remittance commissions annually. In the future, through Chivo, this expense can be greatly reduced, and there is no need to carry too much cash.
2. Many unregistered merchants in the country, such as market vendors and food vendors, will obtain income proof through Chivo, which can be used to apply for low-interest loans.

El Salvador's policies and regulations related to the adoption of Bitcoin seem to be increasingly perfected, butArticle 7 of El Salvador's Bitcoin Law states: "Every economic agent must accept Bitcoin as a form of payment when offered to him by whoever acquires a good or service." Literally, even if some people are not willing to use Bitcoin, they must accept it when someone pays them in Bitcoin. This seems to contradict Nayib Bukele's statement, and how this law and a series of accompanying measures will be implemented remains to be seen after September 7.