All El Salvador citizens over the age of 15 have been receiving free Bitcoin, according to a decree issued by President Nayib Bukele, who in a recent speech confirmed that Bitcoin will become legal from September 7th.
This means that it can be used to pay for products and services at any point of sale. In this context, its free distribution takes place, so that citizens become familiar with cryptocurrency.
More specifically, the population of El Salvador is 6.5 million people, 70% of the population is over 15 years old, so 3.440 Bitcoins will be distributed through the Chivu application. In early June, El Salvador lawmakers passed a law approving the use of bitcoin in the country. Bukele argues that the law aims to support those who do not have access to banking services.
According to the president, people who do not use banking services may have no other means of payment. The President also announced that the geothermal energy from the volcanoes will be used for bitcoin mining. It is pointed out that new wells have been discovered, which can provide additional power of 95 MW.
Such resources for bitcoin mining can generate a lot of revenue. In this case, it is worth noting that in addition to El Salvador, Bitcoin is to be legalised in Paraguay, Panama, Brazil, Mexico and Argentina.