El Salvador’s President has Said That Infrastructure is Already Being Created in Preparation for the Country’s Acceptance of Bitcoin

Beginning September 7, according to Nayib Bukele, there will be 200 ATMs and 50 branches capable of converting Bitcoin into US dollars.

El Salvador’s president, Nayib Bukele, who was a driving force behind the country’s adoption of Bitcoin (BTC), stated that residents will be able to convert their cryptocurrency to fiat currency as soon as Bitcoin is recognized as legal tender.

Bukele claimed on Twitter on Sunday that 4.5 million adults in El Salvador will have the option of HODLing their Bitcoin or “withdraw[ing] it in cash at any of the 200 ATMs” once the government formally recognised the cryptocurrency as legal tender. According to El Salvador’s president, there will be 50 outlets with the ability to withdraw or deposit fiat, allowing residents to hold crypto or liquidate their salaries quickly.

Bukele previously said that the government would be building the infrastructure to support a state-issued Bitcoin wallet, called Chivo. The president claimed that “Chivo ATMs” will eventually be “everywhere” and allow El Salvadorans to withdraw cash 24 hours a day without paying commissions on their holdings, but no one will be forced to use them.

“What if someone doesn’t want to use Bitcoin?” said Bukele. “Don’t download the [Chivo] app and continue living your normal life. Nobody is going to take your dollars […] Someone can always queue up at Western Union and pay a commission.”

Since stating at the June Bitcoin 2021 conference in Miami that he would be drafting legislation to make Bitcoin legal tender, El Salvador’s president has talked frequently about the benefits that cryptocurrency can offer to the Central American country. The bill was later passed by the country’s Legislative Assembly and is set to take effect on September 7. Bukele has also requested that a state-owned geothermal power business open its facilities to Bitcoin miners.

Bitcoin’s price is $49,796 at the time of publication, according to statistics from Cointelegraph Markets Pro, up more than 11% in the last seven days. For the first time since May, the price of the crypto currency temporarily above $50,000 earlier today.

Source: CoinTelegraph

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