TL;DR Breakdown
- El Salvador announces date to launch country official BTC wallet, Chivo Wallet.
- El Salvador also install over 200 ATMs to change BTC for fiat.
- Slavadorians still against Bitcoin law.
Central American country El Salvador that recently legalized Bitcoin as its currency has announced the launch of Chivo wallet and other plans to put proper infrastructure in place to enhance Bitcoin adoption in the country.
El Salvador President, Nayib Bukele, announced in a tweet on Monday that there will be 200 ATMs and 50 branches capable of converting Bitcoin into U.S. dollars starting on Sept. 7.
Bukele also said that the El Salvador Bitcoin wallet-Chivo Wallet App, would also be available for download on Sept. 7. the app comes with a feature that automatically allows Salvadorians to convert their Bitcoin to dollars.
Similarly, BTC can be withdrawn as cash at any of the 200 ATMs that the government would institute.
One incentive put in by the government is that the app’s transactions will not attract any commissions. Bukele notes that the cost savings on transactions performed could be up to $400 million per year.
Also, for those who chose to use the Chivo wallet, El Salvador promised them free $30 worth of Bitcoin when he announced the app back in June.
The Chivo App will also aid Salvadorans abroad to send money to families and friends back home. However, other options like Western Union, PayPal also would be available for those who prefer them to BTC.
El Salvador under fire amid Chivo wallet rollout
Forces internally and outside El Salvador have raised severe objections against making Bitcoin a legal currency.
Members of opposing parties and others questioned the law soon after the parliament passed it. Global authorities and business firms have also shown concern.
The International Monetary Fund believes that the decision will have legal and macroeconomic issues, while the FATF is worried about money laundering.
The President, however, stressed that Bitcoin adoption was optional for citizens in the country.
