El Salvador confirms rollout of 200 ATMs for Bitcoin conversion

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.

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.

For more reliable and latest news subscribe to Asianet Newsable WhatsApp channel by clicking here.For more reliable and latest news subscribe to Asianet Newsable Telegram channel by clicking here.

• El Salvador
• Nayib Bukele
• Bitcoin