President Nayib Bukele stated on Twitter that the government would first install 200 of the teller machines to complement its digital wallet dubbed Chivo, a local slang word for 'cool.'
As part of the government's intention to make the token legal tender, El Salvador began installing Bitcoin ATMs, allowing its residents to convert the cryptocurrency into the United States dollars and withdraw it in cash.
President Nayib Bukele stated on Twitter that the government would first install 200 of the teller machines to complement its digital wallet dubbed Chivo, a local slang word for 'cool.'
He further said transactions would be free of charge, adding that there will be 50 banking locations around the nation where people may withdraw or deposit money.
La oposición torpe siempre juega ajedrez de un paso.
Han apostado todo a meterle miedo a la población sobre la y puede que logren algo, pero solo hasta el 7 de septiembre.
Una vez en vigencia, la gente verá los beneficios, quedarán como mentirosos y perderán doble😉
También habrán en todas partes y podrán retirar en EFECTIVO, las 24 horas del día y SIN COMISIONES, por más que la oposición diga lo contrario.
El problema para ellos es que podrán convencer a algunas personas de que sí habrán comisiones, pero solo hasta el 7 😘 pic.twitter.com/H8gkYTEucc
¿Y qué pasa si alguien no quiere usar ?
Pues nada, no baje la aplicación y siga su vida normal. Nadie le va a quitar sus dólares como dice la oposición.
According to Bukele, adopting Bitcoin will save Salvadorans $400 million a year in remittance expenses from outside.
El Salvador's Bitcoin law will go into effect on September 7, and Salvadorans will be able to download the government's Chivo digital wallet, input their ID number, and get $30 in Bitcoin.
According to Finance Minister Alejandro Zelaya in an interview with local TV on Monday, the government has established a $150 million fund to support Bitcoin-to-US-dollar conversions.
Also Read | Bitcoin rises above $50,000 for first time in 3 months
In other news, Bitcoin's price surpassed $50,000 for the first time in over three months on early Monday. The world's largest cryptocurrency is still on the mend after plummeting to just under $30,000 three months ago. According to CoinDesk, Ether, the second-largest cryptocurrency and the unit tied to the Ethereum network, has risen to $3,321. On the other hand, Dogecoin was up 1% to $0.32 at the time of writing. Other digital currencies, including Stellar, Uniswap, XRP, Litecoin, and Cardano, have increased in the previous 24 hours.