El Salvador's President: Bitcoin Law Will Be Supported by 200 ATMs and 50 Branch Locations
El Salvador's President, Nayib Bukele, declared that 200 ATMs and 50 in-person kiosks will be ready to use on September 7.
President Bukele also stated that the government will make it easier to acquire and sell Bitcoin without charging a fee.
El Salvador's President, Nayib Bukele, stated on Twitter on Sunday that 200 ATMs and 50 in-person kiosks will open on September 7 to support the country's upcoming Bitcoin legal tender law.
President Bukele also stated that the government will facilitate the purchase and sale of Bitcoin in El Salvador using its new Chivo App, which will be free of charge.
Bukele's Twitter thread mentioned a variety of ways El Salvadorians might take advantage of the government's promised smooth onboarding into Bitcoin, such as getting payment in Bitcoin via the Chivo app or cashing out Bitcoin at one of the 200 new ATMs.
The ability to send and receive remittances without incurring any additional fees is perhaps the most significant benefit for those who utilize Chivo.
“Our town pays $400 MILLION in remittance commissions every year,” Bukele said.
With Bitcoin, that number may be effectively halved.
El Salvador's Chivo software, which sells Bitcoin commission-free, comes just a few months after Jack Mallers' Strike enabled practically feeless Bitcoin purchases and withdrawals.
“A Salvadoran abroad will be able to send money INSTANTLY to their relative in El Salvador,” Bukele tweeted.
You can transfer you #bitcoin or DOLLARS, whatever you prefer.”
The president also mentioned that business owners and citizens who download the app would be able to receive Bitcoin payments and presents from other citizens and visitors, as well as extend their business to accommodate a commissioned, low-fee money transfer from anywhere in the world.
Despite some confusion, Bukele highlighted that Bitcoin adoption is a personal choice for each citizen, and that the opportunity to withdraw the $30 government handout in dollars will be facilitated by many ATMs across the country that are open 24 hours a day, seven days a week.
Bukele retaliated strongly against critics of the Bitcoin adoption bill, as well as critics of the El Salvadorian administration in general, following the news.
He stated, “Once in effect, people will recognize the benefits, they will be exposed as liars, and they will lose twice as much.”
He highlighted that while Bitcoin was beneficial to everyone receiving remittances, it was still up to the individual to adopt it. “If you don't want to, you can still go to the Western Union queue and pay commission,” he said.
There isn't any issue.”
“Another benefit will be that businesses will be able to collect payments in #bitcoin from tourists and investors,” Bukele tweeted.
Tourist workers will also be able to accept tips in this money.
They can keep the #bitcoins or have them instantly converted to DOLLARS at no cost.”
“Some will want to believe the thieving opponents that all they have done is rob our country, damage it, and pay to assassinate our people,” he said in response to his “opposition.”
Others may choose to trust the government.”
President Bukele also stated that the Chivo app would be released in the app store on September 7, as planned, to coincide with the legalization of Bitcoin in El Salvador.