President of El Salvador announces infrastructure being built ahead of the country's Bitcoin adoption
Nayib Bukele, the president of El Salvador has said that there will be 200 ATMs and 50 branches that will be capable of converting Bitcoin into U.S. dollars starting from September 7.
The president made this announcement on Sunday through Twitter. According to the president 4.5 million El Salvador adults can hold their bitcoin after the US officially accepts cryptocurrency as legal tender. They can also withdraw their crypto amount in cash through any of the 200 ATMs.
Bukele had previously said that infrastructure to support a state-issued Bitcoin wallet would be built and called Chivo. Just like normal ATMs, “Chivo ATMs” will be “everywhere” allowing the residents to withdraw cash 24 hours a day. They didn’t have to pay commissions on their holdings.
“What if someone doesn't want to use Bitcoin? Don’t download the [Chivo] app and continue living your normal life. Nobody is going to take your dollars…… Someone can always queue up at Western Union and pay a commission.” Exclaims the president.
The president has regularly spoken about cryptocurrency benefits since the happening of June Bitcoin 2021 conference in Miami. In the conference, he announced that he would be introducing legislation to make Bitcoin legal tender. The bill was later passed in the nation's Legislative Assembly which is scheduled to be effective from Sept. 7. Not just that, the president has also called a state-owned geothermal power company to make such facilities available to Bitcoin miners.
CBW - External Analyst