The government of El Salvador has already installed 200 Bitcoin ATMs around the country as its Bitcoin Law takes effect on September 7.
On top of these ready-to-use machines, 50 banks across the country have also been prepared for the influx of Bitcoin transactions. These provisions would make it easier for citizens to convert their digital assets into fiat money.
These preparations were announced by El Salvador President Nayib Bukele through Twitter.
Soft opening
Contrary to warnings and rumors, El Salvadorans would not be forced to use Bitcoin as a tool for all of their transactions.
“What if someone doesn’t want to use Bitcoin? Don’t download Chivo 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,” Bukele said.
According to the President, citizens who are not interested in using Bitcoin can immediately exchange the BTC they received from the government into cash. He also highlighted that the U.S. dollar will remain in circulation.
The government has also created a crypto wallet named Chivo and is designed to be compatible with new ATMs and interoperable with any crypto wallet.
High hopes in Bitcoin
One of the major reasons why Bukele decided to turn Bitcoin into El Salvador’s legal tender is to reduce the transaction costs for the country’s 6.5 million citizens including the unbanked ones.
Alejandro Zelaya, the country’s finance minister, assures the public that even as the Bitcoin Law takes effect, they would still have the freedom to choose their payment preferences. He also highlighted that those who would still choose fiat transactions are not punishable by law.
Both Bukele and Zelaya repeatedly remind the nation that Bitcoin adoption would not be forced on everyone, to ease the public’s doubts and tensions.
Image courtesy of Cointelegraph News/YouTube
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