Back in June, El Salvador announced that it would grant bitcoin legal tender status, in an effort to make it easier for Salvadorians living abroad to send financial aid to their families back home. Now, the El Salvadorian government is preparing to take things a step further, and will be installing hundreds of new bitcoin ATMs across the country.
In a twitter post on Sunday, El Salvador president Nayib Bukele said that customers will be able to convert their bitcoin holdings to US dollars as soon as the cryptocurrency officially becomes the country’s legal tender. In an effort to make the transition more smooth, the government will be erecting 200 bitcoin ATMs, as well as make 50 of its bank branches suited to accept trade between fiat and cryptocurrencies.
The new bitcoin ATMs will be able to accept withdrawals and deposits 24/7, and customers will not be charged any transaction fees. The sweeping bitcoin acceptance will also allow Salvadorians to send remittences to their families from abroad, while bypassing the colossal fees typically associated with financial services companies such as Western Union.
Information for this briefing was found via Twitter. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.