The ATMs are still under construction and will coexist with branches where there will be free advice. The law will take effect on September 7th, when citizens can start downloading the wallet.
Through Twitter, the President of El Salvador, Nayib Bukele, confirmed that there would be Bitcoin ATMs in the country and explained how to use them. The government will install 200 devices that it will distribute throughout the country and open 50 branches to withdraw or send money.
In the publication, Bukele explained that the devices allowing trading with Bitcoin would have a distinctive seal. The logo distinguishing them from conventional ATMs will be Chivo, the wallet the government will launch when the law comes into force. The president said that people could withdraw cash from those ATMs 24 hours a day without paying fees.
On the other hand, the Salvadoran head of state said there would be strategic points for citizens to receive additional services. Those branches, which the government will call Puntos Chivo, are already under construction throughout the country, Bukele said. The premises will have the infrastructure to send and receive international payments, besides professionals who advise users.
Citizens Can Choose Between Exchanging or Keeping Their Bitcoin
The president of the Central American country added that the user could choose between converting their Bitcoin into US dollars or keeping the cryptocurrency. He reiterated that people could make their transactions without paying any fee.
Besides saving USD 400 million annually in fees for sending remittances, Salvadorans will obtain other benefits. Bukele mentioned that citizens would have access to low-interest credits and the option to accept retail payments and tips with Bitcoin.
Regarding credits, even those using the Chivo wallet only with US dollars will have access to them. The government wallet app will be available for download from September 7th after the Bitcoin Law takes effect.
Explanations on the Use of Bitcoin in El Salvador
Bukele referred to the Chivo ATMs and explained some basic questions about the adoption of Bitcoin in the country. He stated that the goal is to disprove those who have chosen to instill fear about the Bitcoin Law in the population.
In this sense, he highlighted some aspects of the regulations he has already commented on before. For example, he said that the download and use of the app to receive and send payments would be free but without any obligation.
In his message, the president reiterated that no one would have to use the app. Bukele said that if someone does not want to use Bitcoin, they would not have to download it to continue with their lives.
Bitcoin plays a relevant role in today’s world economy, which is why governments have their eyes on it. While some seek to regulate or prohibit its use, others want to adopt it as legal tender. El Salvador has taken the first step, serving as an example to other nations of the world.
By Alexander Salazar
