8 C
Manchester
December 3, 2021
Image default
Bitcoin

El Salvador: Bitcoin Law to be supported by 200 ATMs and 50 branches

El Salvador President Nayib Bukele announced via Twitter on Sunday that 200 ATMs and 50 face-to-face kiosks are being built to launch on Sept. 7 to support his upcoming Bitcoin legal tender law. President Bukele also noted that the government will facilitate the buying and selling of Bitcoin in El Salvador through its new Chivo app without charging any commission.

Bukele’s Twitter topic suggested many ways Salvadorans can choose to benefit from the simple Bitcoin integration the government has promised to provide, such as receiving payment in Bitcoin through the Chivo app or choosing to cash out Bitcoin in one of the 200 new ATMs.

Perhaps the biggest advantage for the citizen using Chivo is the ability to send and receive remittances without any additional fees. Bukele noted, “Our city pays $400 MILLION a year in commissions on remittances.” With Bitcoin, that number could effectively be reduced to zero.

The Chivo app from El Salvador that sells Bitcoin without commission comes right after Jack Mallers Strike allowed virtual purchase and Bitcoin withdrawals.

Bukele tweeted:

A Salvadoran abroad can IMMEDIATELY send money to his relative in El Salvador. You can send #bitcoin (if you like) or DOLLARS if you like.

The President noted the other relative advantage of business owners and citizens who choose to download the app to include receiving Bitcoin payments and gifts from other citizens and tourists, and expanding their business to support a commissioned money transfer and low rate from anywhere in the world.

Bukele also emphasized that, despite some misunderstandings, Bitcoin adoption is an individual choice of each citizen and that the ability to cash out the $30 government distribution in dollars will be facilitated by many ATMs across the country operating 24 hours a day, 7 days a week.

Along with the announcements, there was considerable reaction from Bukele towards critics of the Bitcoin adoption law and the El Salvador government in general.

Once in effect, people will see the benefits, will be left as liars, and will lose twice as much.

He again emphasized that Bitcoin was beneficial to anyone receiving remittances, but it was still the individual’s choice to adopt:

If you don’t want to, you can always join the Western Union queue and pay the commission. No problem.

Bukele tweeted:

Another advantage will be that companies will be able to receive payments in #bitcoin from tourists and investors.

Tour workers will also be able to receive tips in this currency.

They can keep #bitcoin or automatically turn it into DOLLARS at NO cost. ”

The response to his “opposition” was straightforward:

Some will prefer to believe that opposing thieves have done nothing more than plunder our country, destroy it, and pay to murder our people.
Others will decide to believe in the government.

President Bukele also said that the Chivo app will be available in the app store as scheduled on September 7 to coincide with Bitcoin becoming legal tender by law in El Salvador.

Source: Bitcoin Magazine

Related posts

Ethereum Foundation Announces $ 3.8 Million in New Grants |

Aparnna Hajirnis

Bitcoin transactions represent 71% of US GDP

Anupreet Kaur

– Bitcoin, cryptocurrencies and blockchain technology.

Aparnna Hajirnis

Leave a Comment