thecryptobasic.com
El Salvador stated installing Bitcoin ATMs allowing its citizens to convert Bitcoin into US dollars and withdraw dollars as cash. This new step is a part of the government plan for making the Bitcoin legal tender.
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President Nayib Bukele tweeted that 200 ATMs will be installed by the government accompanied by a government official digital wallet, Chivo.
También habrán #CajerosChivo en todas partes y podrán retirar en EFECTIVO, las 24 horas del día y SIN COMISIONES, por más que la oposición diga lo contrario.
El problema para ellos es que podrán convencer a algunas personas de que sí habrán comisiones, pero solo hasta el 7 😘 pic.twitter.com/H8gkYTEucc
— Nayib Bukele 🇸🇻 (@nayibbukele) August 23, 2021
He said that transactions will be commission free and that there will be 50 financial branches in the country for deposit and withdrawal of money.
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All transactions will be processed via the government owned Chivo app, and there will be no transaction charges.
To help convert BTC to USD, the government has also set up a fund of $150 million. El Salvador’s Bitcoin law goes into effect on September 7th. All citizens of El Salvador can now download the Chivo Digital wallet. Users will be able to receive $30 worth of free BTC when they sign up.
Bukele stated that the introduction of Bitcoin will save $400 million annually in fees for receiving remittances from abroad.