El Salvador has installed Bitcoin ATMs, making it easier for its citizens to convert cryptocurrency into US dollars and withdraw cash, as part of the government's plan to introduce cryptocurrency as an official currency.
According to Arabiya Net, President Najib Bukila said on Twitter that the government will install 200 ATMs along with its digital wallet called Chivo, which is a local slang term with a great sense.
He added that the transactions will be commission-free, adding that there will also be 50 financial branches across the country to withdraw or deposit funds, according to Bloomberg and seen by Al-Arabiya.net.
Bukele emphasized that the adoption of Bitcoin would save Salvadorans $400 million annually in fees for receiving remittances from abroad.
In turn, Finance Minister Alejandro Zelaya said that the Bitcoin law in El Salvador will come into effect on September 7, and Salvadorans will be able to download the government's digital Chivo wallet, enter their ID number, and receive $30 in Bitcoin.
He added that the government had set up a $150 million fund to support Bitcoin-to-US dollar transfers.
