El Salvador Sets Up 200 ATMS and 50 Kiosks for Exchanging Bitcoin (BTC)

By Bhushan Akolkar
Published August 24, 2021 Updated August 24, 2021
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El Salvador Sets Up 200 ATMS and 50 Kiosks for Exchanging Bitcoin (BTC)

By Bhushan Akolkar
Published August 24, 2021 Updated August 24, 2021

It’s just a matter of a few days and Bitcoin will become a legal tender in the Latin American country of El Salvador. The preparations for the same are currently on track.

The pro-Bitcoin El Salvador President Nayib Bukele announced that his country will open 200 Bitcoin ATMs and 50 Bitcoin Kiosks by September 7. These ATMs will allow Bitcoin users to convert their BTC to USD and later withdraw in the form of cash.

All the transactions will be processed through the government’s Chivo app and there will be no transaction fees. President Bukele further added:

“Our town pays $400 million (U.S.) a year in commissions on remittances. A Salvadoran abroad will be able to send money instantly to their relative in El Salvador. You can send you #bitcoin (if you want) or you can send you dollars, if you want”.

Besides, the government is also setting up a $150 million fund to back the BTC to USD conversions. El Salvador’s Bitcoin Law goes into effect on September 7. All the local citizens can download the government’s native Chivo Digital wallet. Upon signing up, users will get $30 worth of BTC in their digital wallet.

El Salvador’s Finance Minister Alejandro Zelaya recently appraised the media of all these developments in a local TV interview on Monday.

The Rising Bitcoin Adoption

El Salvador is taking every possible measure to push the BTC adoption. The Latin American country recently released two draft regulations that focus specifically on BTC distribution by commercial banks.

The central bank – Banco Central de Reserva (BCR) – recently published two draft documents for offering Bitcoin products in the country. The draft regulation makes it clear that any financial institution looking to dabble in Bitcoin must undergo the country’s regulatory process.

Herein, the central bank BCR will have “access in real time to all information related to the operations carried out, as well as information requested by clients.”

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan Akolkar
770 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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