El Salvador to Install 200 ATMs with Bitcoin Conversion Option

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Bitcoin transactions will be available at 200 ATMs and 50 bank branches in El Salvador by September 7. The country has started to prepare the infrastructure for the entry into force of the law that recognizes the first cryptocurrency as a means of payment in the country.

Nayib Bukele, the president of the Latin American country, has assured that in the future ATMs will be available in all corners of El Salvador. Its residents will be able to withdraw cash 24 hours a day without any commission.

According to him, the citizens of the country enrich money transfer systems by $400 million annually.

Bukele had previously announced the distribution of $30 in BTC to every adult citizen who downloads the country’s official wallet Chivo. However, this amount cannot be converted into dollars.

In an interview with local television, Finance Minister Alejandro Zelaya announced the creation of a $150 million fund to support the conversion of the first cryptocurrency into the US dollar.