The President informed that the Bitcoin Law will come into force on September 7, which promotes the circulation of the cryptocurrency and its legal course in the country, he explained the functionality of the currency and resolved some concerns to the salvadoran population about the circulation of this currency.

He assured, that all transactions will continue to be in dollars and that receiving Bitcoin and investing is completely voluntary, he also said that with the implementation of the application the salvadoran has the option to automatically receive the Bitcoin to dollars without any inconvenience, as well as salaries and pensions will continue to be deposited in dollars and that bank accounts will not be converted into Bitcoin.

The wallet of the Government of the Republic of El Salvador called "Chivo" offers an incentive of US$30 equivalent in Bitcoin for consumption by the salvadoran population with the objective of promoting its use in the economy and so that the population has an incentive to use the application.

"With the incentive of US$30 in Bitcoin we want the population to make use of this system and Bitcoin as legal tender, to generate money multiplication in the economy and help the country's economic growth", said the president.

For those who install the application, the only thing they must do is to register with their telephone number and their Unique Identity Document (DUI) and have facial recognition or verification through a Call Center to create the account.

"Facial recognition or call center verification will only be done at the moment of creating the account. We do it this way to provide security to the population", said the President of the Republic.

The President assured that there is no commission when using the new digital wallet, unlike the cards that charge commission which can be up to 5% and 6% of the sale, that is why when using the application users who wish to cancel in any establishment will receive exactly what is being charged.

He mentioned that tax contributions may be paid in Bitcoin, meaning that the state will accept Bitcoin to pay taxes, but you can also continue to pay in dollars.

"If you want to pay taxes you can do it in Bitcoin. Of course you can continue paying in dollars; paying in Bitcoin is an option for the salvadoran people that does not affect anyone, on the contrary, it is an option for salvadorans", emphasized the president.

In the Chivo application you can make payments and send money through a QR code. You will also find a button where you can convert your funds from dollars to Bitcoin or Bitcoin dollars.