El Salvador’s Bitcoin Law, which is expected to make the crypto legal tender within the Central American nation, is set to come into effect on Sept. 7, Reuters reported Friday.
- El Salvador President Nayib Bukele made the announcement during a national address on Thursday, per the report.
- The government will use the Chivo e-wallet, preloaded with US$30 of bitcoin for everyone who downloads it, elsalvador.com reported.
- The $30 in bitcoin will be sent to users' wallets once they verify their identities via the app's face recognition software, according to a video of Bukele presenting the feature on Friday.
- On June 9 the law passed by a supermajority in El Salvador's legislature, with 62 members voting in favor of the bill, 19 opposed and three abstained.
- The country's Bitcoin Law would make bitcoin legal tender, where merchants must accept it, alongside the U.S. dollar.
- Opposition has been mounting against the country's newly legislated law, with some arguing it violates El Salvador's constitution.