In El Salvador, they began to install 200 ATMs that will allow transactions with bitcoins. In addition, this option will be available in 50 bank branches across the country.
Crypto ATMs in El Salvador
El Salvador is preparing the infrastructure before the law recognizing Bitcoin as a means of payment comes into force. ATMs will be operational from September 7. The country's President Nayib Bukele promised that in the future they will appear throughout the country, and its residents will be able to withdraw cash 24 hours a day without commissions.
Previously, Bukele had already promised to distribute $30 in bitcoins to every adult citizen of El Salvador. According to him, this amount cannot be converted into dollars, as the measure is aimed at encouraging the use of digital gold and the Chivo cryptocurrency application.
The country's Finance Minister Alejandro Zelaya announced the creation of a $150 million fund to support operations to convert Bitcoin into the dollar.
The El Salvadoran parliament passed a bill recognizing Bitcoin as legal tender in early June. It became the first country to legalize cryptocurrency in this way. According to the adopted law, it will be possible to pay any taxes using bitcoins, and prices for goods and services can be expressed in cryptocurrency. The exchange between the dollar and Bitcoin will be dictated by the market and will not be subject to capital gains tax.
However, only a few local money transfer services have integrated cryptocurrency support. Western Union and other major players, including Wise, WorldRemit, Remitly, Xoom and Ria Money Transfer, are in no hurry to implement Bitcoin support.
According to surveys within the country, only 16% of its residents agree to receive salaries in digital gold.
Meanwhile, the American cryptocurrency ATM operator Athena Bitcoin has already promised to install 1,500 Bitcoin ATMs in El Salvador.
In August, the authorities of American Miami announced the launch of MiamiCoin to finance infrastructure projects. This city was the first in the world to receive its own digital currency.
El Salvador is preparing the infrastructure before the law recognizing Bitcoin as a means of payment comes into force. ATMs will be operational from September 7. The country's President Nayib Bukele promised that in the future they will appear throughout the country, and its residents will be able to withdraw cash 24 hours a day without commissions.
Previously, Bukele had already promised to distribute $30 in bitcoins to every adult citizen of El Salvador. According to him, this amount cannot be converted into dollars, as the measure is aimed at encouraging the use of digital gold and the Chivo cryptocurrency application.
The country's Finance Minister Alejandro Zelaya announced the creation of a $150 million fund to support operations to convert Bitcoin into the dollar.
The El Salvadoran parliament passed a bill recognizing Bitcoin as legal tender in early June. It became the first country to legalize cryptocurrency in this way. According to the adopted law, it will be possible to pay any taxes using bitcoins, and prices for goods and services can be expressed in cryptocurrency. The exchange between the dollar and Bitcoin will be dictated by the market and will not be subject to capital gains tax.
However, only a few local money transfer services have integrated cryptocurrency support. Western Union and other major players, including Wise, WorldRemit, Remitly, Xoom and Ria Money Transfer, are in no hurry to implement Bitcoin support.
According to surveys within the country, only 16% of its residents agree to receive salaries in digital gold.
Meanwhile, the American cryptocurrency ATM operator Athena Bitcoin has already promised to install 1,500 Bitcoin ATMs in El Salvador.
In August, the authorities of American Miami announced the launch of MiamiCoin to finance infrastructure projects. This city was the first in the world to receive its own digital currency.
