El Salvador began installing Bitcoin ATMs, allowing its citizens to convert the cryptocurrency into U.S. dollars and withdraw it in cash, as part of the government’s plan to make the token legal tender.
The government will install 200 of the teller machines to initially accompany its digital wallet called Chivo, a local slang term for ‘cool,’ President Nayib Bukele said on Twitter. Transactions will be commission free, he said, adding that there will also be 50 financial branches across the country for withdrawing or depositing money.
President Bukele also noted that the government will facilitate the buying and selling of Bitcoin in El Salvador through its new Chivo App without collecting any commission.
Bukele’s Twitter thread suggested many ways El Salvadorians can choose to benefit from the simple onboarding into Bitcoin the government promised to provide, such as receiving payment in Bitcoin through the Chivo app, or instead choosing to cash Bitcoin out in one of the 200 new ATMs.
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