During a national address last week, Bukele announced government plans to use the Chivo e-wallet when it goes live with its plans to make Bitcoin legal tender. This will be preloaded with $30 of bitcoin for everyone who downloads it. The $30 will be sent to a user’s wallet once they verify their identity via the app’s face recognition software.
Earlier this month, the law to adopt bitcoin as legal tender was passed by a supermajority in the country’s legislature, with 62 members voting in favour of the bill. Only 19 opposed, and three abstained.
Another country rumoured to be considering making Bitcoin legal tender is Paraguay, where lawmaker Carlos Rejala is pushing a bill to regulate cryptocurrencies. Rumours abound that it could follow El Salvador, but for the moment the most exciting news is that local university, Universidad Americana has said it will begin accepting cryptocurrencies as payment from August 2021. The university’s 17,000 students will now be able to pay for their tuition in bitcoin, ether, dash and XRP.
According to the university’s general director Jiménez Agüero, its crypto wallet is ready to receive payments but won’t be activated until the new term begins. Students will see a BTC payment button on the school’s website.
Unlike many organisations that accept crypto, the university won’t immediately convert its crypto into fiat. Instead, it’ll decide after receiving the payments. Following the university’s Twitter announcement , a number of competitors asked for help implementing crypto payment methods.
Agüero said, “The challenge is to expand the adoption of crypto and migrate to more efficient payment channels.
Which Central American country will be next?