The President of El Salvador, Nayib Bukele, announced via Twitter Sunday that 200 ATMs and 50 in-person kiosks are being built to launch on September 7 to support its forthcoming law making Bitcoin legal tender. President Bukele also noted that the government will facilitate the buying and selling of Bitcoin in El Salvador through its new Chivo App[1] 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.
Perhaps the biggest advantage to the citizen who uses Chivo will be the ability to send and receive remittances without any additional fee. Bukele noted, “Our town pays $400 MILLION a year in commissions on remittances.” With Bitcoin that number could effectively be reduced to zero.
El Salvador’s Chivo app selling Bitcoin commission-free[2] comes just after Jack Mallers' Strike enabled[3] virtually feeless purchase and withdrawals of Bitcoin.
Bukele tweeted, “A Salvadoran abroad will be able to send money INSTANTLY to their relative in El Salvador. You can send you #bitcoin (if you want) or you can send you DOLLARS, if you want.”
The president noted the other relative advantage of business owners and citizens who choose to download the app to include receiving payments and gifts in Bitcoin from other citizens and tourists, and expanding their business to support a commissioned, low-fee transfer of money from anywhere in the world.
Bukele also emphasized that despite some misunderstandings, Bitcoin adoption is an individual choice for each citizen, and that the ability to withdraw the $30 government hand-out in dollars will be facilitated by
