$30 in Free Bitcoin

The president of El Salvador, Nayib Bukele, addressed many topics regarding his country's new bitcoin law Thursday night. During his speech, he unveiled the Salvadoran government's wallet app and a signup bonus of $30 in bitcoin.

"The wallet of the government of El Salvador is called Chivo," Bukele explained, adding that users must register with their phone number and national ID known as the DUI.

Accounts are then verified by either facial recognition or through the call center. "Facial recognition or verification by call center will only be done when creating the account. We do it this way to give security to the population," the president explained.

Bukele further revealed:

"It will be within the Chivo app where we will deposit the equivalent $30 in bitcoin to promote its use in the economy and to give people an incentive to use the application."

With the $30 incentive in bitcoin, he said, "We want the population to make use of this system and bitcoin as legal tender" to boost the economy and "help the economic growth of the country."