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El Salvador's president, Nayib Bukele, has been a driving force behind the country's Bitcoin (BTC) adoption, has claimed that infrastructure is already being built in readiness for the country's Bitcoin acceptance.
Infrastructure Already Being Built For Bitcoin Adoption Says Nayib Bukele
According to El Salvador's President, there will also be 50 branches capable of withdrawing or depositing fiat allowing citizens to hold crypto or liquidate their wages instantly.
The president stated that “Chivo ATMs” will ultimately be “everywhere,” allowing El Salvadorans to withdraw cash 24 hours a day without having to pay fees on their holdings, but that no one will be forced to use them.
“What if someone does not want to utilize Bitcoin?” Bukele wondered. “Do not download the [Chivo] app and go about your usual life. Nobody is going to steal your money [...] Someone can always go to Western Union and pay a fee.”
Traders And Experts Have Varied Feelings About El Salvador's Introduction Of BTC
Since declaring during the June Bitcoin 2021 conference in Miami that he would be presenting legislation to make Bitcoin legal tender, El Salvador's president has frequently spoken of the benefits that cryptocurrencies may bring to the Central American country.
The law was later approved by the country's Legislative Assembly and is set to take effect on September 7. Bukele has also urged a state-owned geothermal power firm to open its facilities to Bitcoin miners.
At the time of publishing, the price of Bitcoin was $49,796 after increasing by more than 11% in the previous seven days.
For the first time since May, the price of the cryptocurrency was temporarily above $50,000 earlier today.