El Salvador is going to airdrop $30 worth of Bitcoin to every adult citizen, President Nayib Bukele announced Friday during his live address.
Bukele presented a Bitcoin wallet named “Chivo” (a slang term for “cool” in Spanish) that works on both Android and iOS devices.
Salvadorans will be able to claim the gift upon registration. They will be asked to provide their DUIs (Salvadoran IDs) and phone numbers.
Bukele believes that it will help encourage the use of cryptocurrencies.
The president offered a step-by-step guide on how to use the app on national television.
Citizens will be able to immediately covert Bitcoin to the U.S. dollar within the app.
Chivo will not use up any data, meaning that citizens won't need a cell plan: