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President of El Salvador, Nayib Bukele, said on Sunday that the country’s residents will not “have to” use Bitcoin and will have the opportunity to convert their crypto to fiat.
In an announcement on Twitter, the main figure behind the country’s adoption of Bitcoin, Bukele said that 4.5 million adults in El Salvador can choose between HODLing their Bitcoin once the country officially accepted the cryptocurrency as legal tender or to “withdraw it in cash at any of the 200 ATMs.” The El Salvador president confirmed that there will be 200 ATMs and 50 branches capable of converting Bitcoin into US dollars starting on September 7 the moment that the ‘ Bitcoin Law ‘ comes into effect.
“September 7 onwards”, Bukele said on Twitter, “the people will see the effects and the truth will prevail.”
In previous statements, Bukele commented that the government would have the needed infrastructure in place to support a state-issues Bitcoin wallet, named Chivo .
Chivo will assist users in creating and conducting small business operations, sending and receiving remittances, all without paying a single cent of commission to intermediary parties or brokers. The app will be available to Salvadorans living abroad to send money, either in Bitcoin or in dollars, instantly to relatives living in El Salvador. Also, residents can use the app to convert their crypto to fiat immediately after the app is launched.
Bukele offers citizens that will download the app with a nice incentive. Those that do so will be gifted with $30 worth of Bitcoin, so to get them started.
For those who are not interested in using Bitcoin, Bukele also had a somewhat sarcastic message as he stated:
“What if someone doesn’t want to use Bitcoin? Don’t download the app and continue living your normal life. Nobody is going to take your dollars… Someone can always queue up at Western Union and pay a commission.”
The global crypto (and financial) community is counting down to September 7 and is eager to see what the effects of Bitcoin as legal tender might be in the country.