In El Salvador, the assembly of Bitcoin ATMs has begun in which residents can convert cryptocurrencies to US dollars, as well as withdraw cryptocurrencies in cash, in accordance with the government’s intention to convert cryptocurrencies into legal tender.
Nayib Bukele , president of El Salvador, who has become controversial this year over the disruptive legalization of Bitcoin as that country’s legal currency, declared on Twitter that there will be 50 financial branches in the country to deposit and withdraw money. The transactions will be commission-free, which means that the transactions will be free.
In Bukele’s opinion, accepting Bitcoin payments will save Salvadorans an annual fee of 400 million dollars, coming from remittances from abroad.
The Minister of Finance of that country, Alejandro Zelaya Villalobo, declared that the country’s Bitcoin law would come into effect on September 7 and that therefore residents of that country will be able to download the government’s digital wallet from that date. In addition, he announced that the government had provided a fund of 150 million dollars to support the conversion of Bitcoin to dollars.