In Brief:
- EI Salvador is installing 200 ATMs everywhere and 50 Bank branches starting next month.
- The app is the country official Bitcoin digital wallet, called Chivo.
El Salvador’s President Nayib Bukele said that using bitcoin in-country is not compulsory. If you don’t want to transact using cryptocurrency, you can just simply say ‘No’ to it.
The president also announced that EI Salvador installed 200 ATMs everywhere and 50 bank branches to withdraw or deposit money.
“This will be what happens on September 7: People will be able to download an application to receive payments or gifts in Bitcoin or US dollars. If they want, they will download the app, if they don’t want to, no,” Bukele tweeted today.
“If you don’t want to, you can always go to the Western Union queue and pay commission. There is no problem,” Bukele further addded in atweet thread. “And what if someone doesn’t want to use Bitcoin.? Well nothing, do not download the application and continue your normal life. Nobody is going to take your dollars as the opposition says.”
The Chivo App
The app is the country’s official Bitcoin digital wallet, called Chivo, accessible to both citizens and tourists. Those who download the app will receive $30 in bitcoin. Chivo, as previously reported that, will allow users to convert bitcoin into US dollars automatically. It also enables Salvadorans to accept Bitcoin, open a small business, and send Bitcoin without any commission charges.
Also Read: Bank of America Report Sees Benefits in the El Salvador Bitcoin Adoption
The president also claimes that “ChivoATMs” built everywhere, allow El Salvadorans to withdraw cash 24 hours and it’s not compulsory to use it. The Chivo kiosks will act as withdrawal kiosks everywhere in the country. In addition, to that, there will be 50 so-called “Puntos Chivos,” which allow deposits and withdrawals. It will also help citizens understand how to use an app, withdraw or deposit funds, and general information about Bitcoin working.
