Under president Nayib Bukele, El Salvador became the first country to legalize Bitcoin as a legal tender in June this year. The bill was passed on 9th June, however, the decree will come into effect in 90 days since its publication in the Official Gazette and the time it will take for the infrastructure to be put into place. El Salvador is now rolling out needed infrastructure in form of ATMs, digital wallets, and branches to make this happen before September 7th when the bill will come into effect.
On Sunday, Nayib Bukele announced on Twitter that 4.5 million adults in El Salvador would have the option of HODLing their Bitcoin once the country officially accepted the cryptocurrency as legal tender or “withdraw[ing] it in cash at any of the 200 ATMs.” He also mentioned that there will also be 50 branches capable of withdrawing or depositing fiat for residents to hold crypto or immediately liquidate their salaries.
La oposición torpe siempre juega ajedrez de un paso.
— Nayib Bukele
Han apostado todo a meterle miedo a la población sobre la #LeyBitcoin y puede que logren algo, pero solo hasta el 7 de septiembre.
Una vez en vigencia, la gente verá los beneficios, quedarán como mentirosos y perderán doble(@nayibbukele) August 23, 2021
There will be 200 ATMs and 50 branches capable of converting Bitcoin into U.S. dollars starting on Sept. 7
Nayib Bukele, President EL Salvador
For El Salvador citizens to use Bitcoin as a payment method on a regular basis, there will also be a state-issued Bitcoin wallet, called Chivo. “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 so if someone doesn’t willing to use Bitcoin, can live life normally and queue up at Western Union and pay a commission”, said Bukele.
Los #PuntosChivo se están construyendo en todas partes.
— Nayib Bukele
Ahí podrán recibir ayuda en cómo utilizar la aplicación, como funciona el #bitcoin, como retirar o depositar dinero, como usar los cajeros y como recibir dinero de cualquier parte del mundo.
Todo SIN COMISIONES, a nadie. pic.twitter.com/mBU5G8OHzb(@nayibbukele) August 23, 2021
Also read – El Salvador adopts bitcoin as its legal tender is much bigger news than most realize
After the bold move by El Salvador, other central American countries are considering legalizing cryptocurrency. Paraguay’s Deputy of the Nation Carlos Antonio Rejala Helman has seen tweeting crypto pro tweets and putting laser eyes. Panama, Brazil are also following the likes of El Salvador and soon announce their plan for crypto.