El Salvador Begins Establishment Of 200 Bitcoin, Will Save $400 Million In Remittances A Year
El Salvador in the US has started installing bitcoin ATMs, allowing citizens to convert their cryptocurrency into US dollars and withdraw it for cash. All this is a part of the government’s plan to make this token a legal tender.
Talking in one of his tweets, Nayab Bukele said that the government will initially install 200 teller machines for its digital wallet cards. All transactions on these will be absolutely commission free. Apart from this, there will also be 50 financial branches for withdrawing or depositing money across the country. Bukele said the adoption of bitcoin would save people in Salvador some $400 million in fees for receiving reports from abroad.
La oposición torpe siempre juega ajedrez de un paso.
Han apostado todo a meterle miedo a la población sobre la #LeyBitcoin y puede que logren algo, pero solo hasta el 7 de septiembre.
Una vez en vigencia, la gente verá los beneficios, quedarán como mentirosos y perderán doble????
— Nayib Bukele ???????? (@nayibbukele) August 23, 2021
Finance Minister Alejandro Zelaya said in a local TV interview that the new decision made by El Salvador regarding bitcoin will come into effect from 7 September. Under this, you will receive $ 30 in bitcoin for downloading the Salvador government’s digital wallet and entering your ID number. He also said that a $150 million fund has also been created by the government to convert bitcoin into US dollars.