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El Salvador Government: We’re Giving Out Bitcoin But Don’t Convert It To Fiat

Bitcoin Airdrops on State-Issued Wallet: El Salvador government officials said that the Bitcoin they plan to give away in forthcoming airdrops is for spending, not for converting into USD via crypto ATMs.

The government, spurred on by the bullishly pro-crypto President Nayib Bukele, is forging ahead with a USD 120m plan to distribute USD 30 worth of BTC to every Salvadorian who downloads a new state-issued crypto wallet.

Naysayers have reacted with scorn to Bukele’s plans, however, with everyone from economists to power experts and engineers quoted in the largely skeptical local media as expressing doubt.

Bukele, however, took to Twitter to do some “myth-busting” on reports surrounding the Chivo wallet app the government is now working on.

He claimed that the wallet would be “totallycompatible with other wallet providers and would be “completely free,” allowing “commission-free remittances,” and cost-free “USD-BTC and BTC-USD conversion.”

Source: Cryptonews