El Salvador President Announces Plans As Country Gears Up For Bitcoin

El Salvador President Announces Plans As Country Gears Up For Bitcoin

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President Nayib Bukele announced on Twitter that work has started on infrastructure to support Bitcoin implementation in the country from September. 

Chivo Wallet App To Support BTC Legalization 

In an elaborate Twitter thread, the President of El Dorado, Nayib Bukele, mentioned significant details of the country’s infrastructure roll-out that has been planned for September 7, when Bitcoin will become an official legal tender in the country. He explained that people would be able to transact either in Bitcoin or in dollars via a simple wallet app called Chivo that anyone can download. The citizens who download the app will also be gifted with $30 worth of Bitcoin, to get them started.

The app will further assist them in creating and conducting small business operations, sending and receiving remittances, all without paying a single cent of commission to intermediary parties or brokers. Salvadorans living abroad will also be able to use the app to send money, either in Bitcoin or in dollars, instantly to relatives living in El Salvador. Finally, residents will have the opportunity to convert their crypto to fiat immediately after the app is launched.

Additional Infrastructure For Smooth Implementation

In addition to the app, the president also outlined the establishment of ATMs and 50 branches that will enable Bitcoin to dollar conversion from September 7. Citizens who want to HODL their Bitcoin will be able to hold on to them as they wish and easily withdraw cash at any of these ATMs. The 50 branches being established across the country will educate citizens on how to use the wallet and ATMs, in addition to facilitating around-the-clock withdrawals and deposits. 

Bitcoin Not Mandatory, But Encouraged

El Salvador’s landmark decision has not been without its fair share of criticism. With the World Bank refusing to assist the country’s efforts for Bitcoin adoption, President Bukele has decreed that citizens are not mandated to use the crypto. However, he has mentioned the pros of adopting crypto in his announcement, like zero commission fees, no waiting time, easy money transfer, etc. 

Addressing the critics in his tweet, Bukele commented, 

“Some will prefer to believe the thieving opponents that they have done nothing more than loot our country, destroy it and pay to assassinate our people. Others will decide to believe the Government. But in the end, everyone will realize the reality on September 7th.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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