El Salvador Becomes First Country to Adopt Bitcoin as National Currency

El Salvador became the first country to adopt bitcoin as a national currency on Tuesday, kicking off a radical monetary experiment that could pose risks to the fragile economy.

Salvadorans will be able to download the “Chivo Wallet,” an application created by the government which will deliver $30 worth of bitcoin to people to promote its use.

El Salvador, officially the Republic of El Salvador, is a country in Central America. It is bordered on the northeast by Honduras, on the northwest by Guatemala, and on the south by the Pacific Ocean. El Salvador’s capital and largest city is San Salvador.

Chivo — a vernacular local term for “cool” — is intended to serve like a mobile payments app, enabling payments in Bitcoin or dollars between individuals and business.