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El Salvador’s Bitcoin Law goes into effect in September

Nayin bukele announced last Thursday in a speech that the Bitcoin Law of the Central American country will enter into force next September 7th and those who download the electronic wallet Goat will receive $ 30 in bonus Bitcoin, according to Sebastian Sinclair at Coindesk.

El Salvador’s bitcoin law, which is expected to make cryptocurrencies legal tender within the country, will take effect on September 7, . reported on Friday.

El Salvador’s President Nayib Bukele made the announcement during a national address Thursday, according to the report.

The government will use the Chivo electronic wallet, preloaded with $ 30 in bitcoin for all who download it, reported elsalvador.com.

These will be sent to a user’s wallet once they verify their identity through the app’s facial recognition software, according to a video from Bukele introducing the feature on Friday.

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On June 9, the law was approved by a supermajority in El Salvador’s legislature with 62 members who voted in favor of the bill, while 19 objected and three abstained.

The country’s bitcoin law would effectively make bitcoin become legal tender, where merchants must accept it, along with the US dollar.

Opposition has been growing against the recently enacted law in the country and some argue that it violates El Salvador’s constitution.

After the announcement, Bitcoin shot up a bit more and continues to move away from $ 30,000, trading at the time of writing this article at $ 34,780.

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