As part of the government’s plan to make Bitcoin a legal tender, El Salvador have begun installing Bitcoin Automated Teller Machines.
These ATMs will allow for the conversion of Bitcoin into United States dollars, allowing the country’s residents to then withdraw the cash.
President Nayib Bukele said on Twitter, that the government will be rolling out its digital wallet called Chivo along with the installation of 200 of these automated teller machines.
According to him, transactions will be commission free, and there will also be 50 financial branches across the country for withdrawing or depositing money.
He further said, adopting Bitcoin will save Salvadorans $400 million per year in fees for receiving remittances from abroad.
On Monday, Alejandro Zelaya, El Salvador’s Finance Minister said in an local TV interview that the country’s Bitcoin law will take effect on September 7 and Salvadorans will be able to download the government’s Chivo digital wallet, enter their ID number and receive $30 in Bitcoin,
A $150 million fund to back Bitcoin to US dollar conversions, has been created by the government, the minister said.