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El Salvador Makes Further Progress In Making Bitcoin Legal Tender By Setting Up 200 ATMS Across The Country For Exchanging Bitcoin

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El Salvador stated installing Bitcoin ATMs allowing its citizens to convert Bitcoin into US dollars and withdraw dollars as cash. This new step is a part of the government plan for making the Bitcoin legal tender.

Read: Substack Now Accepts Bitcoin Payments


President Nayib Bukele tweeted that 200 ATMs will be installed by the government accompanied by a government official digital wallet, Chivo.

 

He said that transactions will be commission free and that there will be 50 financial branches in the country for deposit and withdrawal of money.

Read: After US, PayPal Announced, Enabling Its UK Customers To Buy, Hold And Sell Bitcoin, Ethereum, Litecoin And Bitcoin Cash With PayPal

All transactions will be processed via the government owned Chivo app, and there will be no transaction charges.

To help convert BTC to USD, the government has also set up a fund of $150 million. El Salvador’s Bitcoin law goes into effect on September 7th. All citizens of El Salvador can now download the Chivo Digital wallet. Users will be able to receive $30 worth of free BTC when they sign up.

Bukele stated that the introduction of Bitcoin will save $400 million annually in fees for receiving remittances from abroad.

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Mark Brennanhttps://thecryptobasic.com/
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.

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