El Salvador to Launch Bitcoin Wallet on September 7
Main page News, Bitcoin, Crypto Market

El Salvador's President, Nayib Bukele, has announced the release date for the country's own bitcoin (EXANTE: Bitcoin) wallet. Bukele tweeted that the country will release the so-called Chivo wallet on September 7.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Those, who download the wallet will get $30 in BTC. The El Salvador's President emphasized that use for the Chivo wallet is optional only. With the wallet, users can accept payments in bitcoin or in US dollars, open a small business and manage it in remotely, Bukele added.

El Salvador to Launch Bitcoin Wallet on September 7

El Salvador will also have its own network of 200 kiosks where users could exchange bitcoin to cash and learn how bitcoin works. As iHodl earlier reported, El Salvador's presidential administration started developing its own stablecoin, which will be backed by the US dollar and will receive the name Colón-Dólar.

Fitch Ratings Alarms Bitcoin Could Increase AML Risks for El Salvador Banks

President Salvador's brothers, Nayib Bukele, Ibrajim and Yusef, are taking part in the development of the stablecoin. According to them, the stablecoin will be launched by the end of 2021. El Salvador legalized bitcoin as legal tender in June this year. Thus, the cryptocurrency can be used in the country to set prices and pay taxes. For accounting purposes, the base currency will remain the US dollar.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error