In preparation for the adoption of Bitcoin as a legal tender in The President (Nayib Bukele ) has announced that 200 ATMs and 50 bank branches are already being prepared across El Salvador to make it feasible for residents to exchange crypto for fiat without stress.
The Bitcoin adoption bill in El Salvador will come into effect on September 7, 2021, the president also announced that the US dollar will still be in use and those who are not interested in adopting the new development is also free to exchange the BTC the receive for fiat at the locations that will be made available for such transactions. Furthermore, El Salvador has also created a crypto wallet known as Chivo App, which would be Compatible with the ATMs and can also work with any crypto wallet and the beautiful thing about this wallet is, its commission free.
Bukele explained that the city spends a whopping amount of $400 million on remittance commissions every single year, and with the adoption of bitcoin as a legal tender, it could be successfully reduced to zero. Another amazing feature about the new app is bitcoin payments and gifts from tourists as well as citizens can be received using the app and this will help grow their businesses too.
Although some are totally against the Bitcoin Adoption law in El Salvador, the President assured them that once it’s in effect, everyone will eventually see the benefits, including the naysayers. He clearly stated that BTC will be a huge benefit to anyone getting a remittance. But if they don’t want to they can still go to Western union and they’ll have to pay a commission of course. The adoption of Bitcoin in El Salvador is an individual choice and the $30 dollar government donation will be made possible by the ATMs in the country.