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El Salvador’s Official Crypto Wallet will Go Live on September 7

Hassan Mehmood

ByHassan Mehmood

Aug 26, 2021

El Salvador is the only country in the world that had the guts to go through with the bitcoin adoption and legalizing the cryptocurrency as a legal tender. El Salvador didn’t have anyone’s support, in fact, their very decision to do so was laughed at, and some reports and serious notes of worry were also passed to the country via World Bank and IMF, everyone was against this proposition, but El Salvador pushed through and made bitcoin one of the country’s legal tender. After that, another big step the country is about to take is the provision of a state-controlled bitcoin wallet that is expected to go live on September 7 this year.

President Nayib Bukele is going to inaugurate the app for the wallet, although it is not necessary for the citizens to download the state-owned and controlled wallet for the sake of making bitcoin payments as they can do so with just about any other wallet out there, there is definitely a twist. If you download the government-issued and controlled wallet, you will get $30 worth of bitcoin in it after successfully signing up.

El Salvador’s New Crypto Wallet is an Outstanding Thing

The most optimistic benefit of the wallet is that it can arrange for instant transfer of crypto into fiat currency. Users will be able to convert their bitcoin into USD anytime they want for paying whatever vendor in the ecommerce world purchasing a dedicated product or service. The wallet is being embedded into the travel and hospitality industry too. Anyone coming to El Salvador will be able to download and use the wallet in its entirety, which is a solid step by the El Salvador government for the betterment of the tourism and travel industry.

The wallet provides the users with complete ease of mind; they can have their bitcoin within the wallet for as long as they want to or convert all of it into live cash such as USD right then and there. They can choose to hold the cryptocurrency or convert it into fiat money for the sake of using it.

Hassan Mehmood

Hassan Mehmood

Hassan Mehmood, a valued writer at Big Trends Signals, uses his profound online trading expertise to produce in-depth guides and unbiased reviews, enabling traders to navigate digital marketplaces efficiently.

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