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El Salvador Plans to Install a Total of 200 Bitcoin ATMs Across The Country

Amy Liu

Summary: El Salvador has started mounting Bitcoin ATMs that will enable its residents to convert cryptocurrencies to U.S. dollars. The ATMs will also allow for crypto withdrawal in cash, as the government intends to make crypto a legal tender.The government of El Salvador plans to install a total of 200 Bitcoin ATMs and connect them to ...

El Salvador has started mounting Bitcoin ATMs that will enable its residents to convert cryptocurrencies to U.S. dollars. The ATMs will also allow for crypto withdrawal in cash, as the government intends to make crypto a legal tender.The government of El Salvador plans to install a total of 200 Bitcoin ATMs and connect them to the digital wallet Chivo.

President Nayib Bukele stated on Twitter wrote that there will be 50 financial branches in the country for depositing and withdrawing money. The transactions will be commissionless, meaning that the transactions will be free.He stated that accepting Bitcoin payments will save a yearly fee of $400 million for Salvadorans from remittances from abroad.

By Amy Liu

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