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.
También habrán #CajerosChivo en todas partes y podrán retirar en EFECTIVO, las 24 horas del dÃa y SIN COMISIONES, por más que la oposición diga lo contrario.
El problema para ellos es que podrán convencer a algunas personas de que sà habrán comisiones, pero solo hasta el 7 ? pic.twitter.com/H8gkYTEucc
— Nayib Bukele ?? (@nayibbukele) August 23, 2021
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.
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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