Just a matter of a few days and Bitcoin will be officially legal tender in the Latin American country of El Salvador.
Preparations are well under way.
El Salvador’s pro-bitcoin president has announced that his country will set up 200 bitcoin ATMs and 50 bitcoin exchange kiosks by September 7.
These ATMs will allow bitcoin users to convert bitcoins to dollars and also withdraw them in the form of cash.
All transactions will be processed through the government’s “Chivo” app and there will be no transaction fees.
President Bukele added:
Our city pays $400 million annually in commissions on transfers.
El Salvador abroad will be able to instantly send money to a relative in El Salvador.
You can have bitcoins or dollars as you like.
Besides, the government is also setting up a $150 million fund to support bitcoin-to-dollar transfers.
The Bitcoin law in El Salvador will go into effect on September 7.
All local citizens can download the “Chivo” digital wallet provided by the government.
Upon registration, users will receive $30 worth of Bitcoin in their digital wallet.
El Salvador’s Finance Minister, Alejandro Zelaya, published to the media the most important updates and developments of the project in a local television interview published on Monday.
Bitcoin adoption growing:
El Salvador is taking all possible measures to advance the adoption and adoption of Bitcoin.
The Latin American country recently released two legal drafts that focus specifically on the distribution of bitcoin by commercial banks.
The Central Bank of El Salvador recently published these drafts to introduce bitcoin products in the country.
One of the drafts makes it clear that any financial institution looking to participate in bitcoin should be subject to the regulatory process in the country.
Here, the Central Bank of the State of El Salvador will have real-time access to all information related to the operations carried out, as well as to the information requested by customers.