El Salvador president announces plan to give $30 in bitcoin to all citizens

The El Salvadorian government launched the Chivo Wallet, a digital application designed to facilitate Bitcoin transactions for its citizens. To encourage widespread adoption, the government offered a compelling incentive: every adult citizen who downloaded and registered on the Chivo app was to receive $30 worth of Bitcoin.
 

This initiative aimed to jumpstart the use of Bitcoin in everyday transactions and to integrate the unbanked population into the financial system. El Salvador, with a significant portion of its population relying on cash and without access to traditional banking services, saw Bitcoin as a potential tool for economic inclusion and modernization.
 

The $30 Bitcoin incentive was a strategic move to get the population engaged with the Chivo Wallet and, by extension, with Bitcoin itself. It represented nearly 1% of the average annual per capita income in El Salvador, a substantial amount for many citizens. The government also offered other benefits, such as discounts on gasoline when paid for in Bitcoin, and fee-free transactions within the Chivo ecosystem.