El Salvador began installing crypto ATMs as the country enters the last two weeks of preparation for the big day when Bitcoin (BTC) will claim its legal tender status.
The Bitcoin Law, effectively ushered by President Nayib Bukele through parliament in June, will take effect on September 7.
200 Bitcoin ATMs and 50 financial branches across the country
The government is installing 200 Bitcoin ATMs and 50 financial branches across the country which will enable Salvadorans to convert the cryptocurrency into US dollars and withdraw it in cash, said the President on Twitter.
Todo el #bitcoin que reciba se convertirá automáticamente en dólares (si así lo desea) y lo podrá dejar en la billetera electrónica o retirarlo en efectivo en cualquiera de los 200 cajeros que estarán en todas partes.
También habrán 50 sucursales para retirar o depositar dinero.
— Nayib Bukele (@nayibbukele) August 23, 2021
All transactions will be commission-free and carried out through the official digital wallet dubbed Chivo, meaning “cool,” he added as he reassured citizens that the choice of opting for US dollars won’t be taken away from them.
Con esta aplicación podrán aceptar pagos en #bitcoin o en DÓLARES, abrir un pequeño negocio y manejarlo desde ahí, recibir dinero de familiares o amigos y enviar y recibir remesas sin pagar un tan solo centavo de comisión a nadie.
Si quieren, si no, pues no descargan nada y ya.
— Nayib Bukele (@nayibbukele) August 23, 2021
“With this application, you can accept payments in Bitcoin or in Dollars, open a small business and run it from there, receive money from family or friends and send and receive remittances without paying a single penny of commission to anyone,” said Bukele, adding that adopting Bitcoin could save Salvadorans $400 million per year in fees for receiving remittances from abroad.
Nuestro pueblo paga $400 MILLONES al año en comisiones por las remesas.
Solo ese ahorro será un beneficio enorme para nuestra gente (o al menos para quien así lo desee).
También está la ventaja de no tener que cargar efectivo. Más seguro y más práctico.
— Nayib Bukele (@nayibbukele) August 23, 2021
In an effort to incentivize the adoption, those who opt for Bitcoin (BTC) and choose to download the Chivo application will receive $30 worth of Bitcoin for consumption, as previously announced.
Esto será lo que pasará el 7 de septiembre:
La gente podrá bajar una aplicación para recibir pagos o regalos en #bitcoin o DÓLARES.
Si quieren la descargarán y si no quieren, no.
Con ella recibirán $30 dólares equivalentes en #bitcoin para consumo.
Si quieren, si no, no.
— Nayib Bukele (@nayibbukele) August 23, 2021
Everyone will realize the reality on September 7
The legal tender adoption raised a lot of controversy from the get-go, initiated with the World Bank refusal to assist El Salvador with integrating Bitcoin into its financial infrastructure and followed by the International Monetary Fund warning about economic implications and legal risks that could surface as a consequence of such bold legislation.
This was accompanied by public opinion surveys that culminated with protests.
While some financial institutions continued raising their doubts, others acknowledged the key benefits of the legal tender adoption.
In the midst of it all, Bukele remained determined, saying nothing can stop Bitcoin from seeing widespread adoption in El Salvador as he focused on the economic relief and investment opportunities that his initiative could bring to the country.
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