El Salvador Prepares for Bitcoin Adoption—Installs 200 Bitcoin ATMs

El Salvador surprised the world when President Nayib Bukele revealed the country’s goal of Bitcoin adoption. Bukele announced this last June 2021 and sources say it will take effect soon on September 7th.

As the country prepares for this, Bukele says that El Salvador is currently installing 200 Bitcoin ATMs. In addition, 50 bank branches are also adjusting to support Bitcoin adoption.

Furthermore, all these preparations are in line with the government’s cryptocurrency app, Chivo. To note, Chivo is a digital currency wallet available for both citizens and tourists. Reports say that those who download Chivo will receive $30 in Bitcoin. With this, the app will also allow users to convert their Bitcoin to US dollars.

Though, Bukelele reiterated in his tweet again, that the country will not force anyone to use Bitcoin.

El Salvador is the first country to have Bitcoin Law. It is the first country to use Bitcoin as a legal tender. Bukele mentions that one reason for this legislation is “to help people who send remittances.” Moreover, financial inclusion and economic growth are also reasons for El Salvador to adopt Bitcoin in the first place.

However, some international organizations and major banks like the International Monetary Fund and Bank of America express concerns. But Bukele still stands by his advocacy for Bitcoin, the world’s biggest cryptocurrency by market capitalization.

On September 7th, the world will see how El Salvador will change its course and perhaps, lead other countries to adopt Bitcoin as well.