El Salvador’s President Announces Plans To Speed Up Bitcoin In Country

President Nayib Bukele announced on Twitter that work has begun on infrastructure to support Bitcoin adoption in the country since September. 

Chivo Wallet app to support legalization of BTC 
In an extensive Twitter thread, Eldorado President Nayib Bukele spoke of key details of the deployment of the country’s infrastructure, scheduled for September 7, when bitcoin will become the official legal tender in the country. He explained that people can trade in bitcoins or dollars with a simple wallet app called Chivo, which anyone can download. Citizens who download the app will also receive $ 30 bitcoins to start the business.

The app will also help them set up and run small businesses, send and receive money transfers, all without paying agents or brokers a penny. El Salvadorans living abroad will also be able to use the app to send money in bitcoin or dollars directly to relatives living in El Salvador. Finally, residents will have the chance to convert their cryptocurrency to fiat immediately after launching the app.

October Infrastructure For Seamless Implementation
In addition to the application, the president also described the creation of ATMs and 50 branches that will allow bitcoins to be converted into dollars starting October 7. Citizens who want to exchange their bitcoins will be able to use them if they wish, and it is easy to withdraw money at one of these ATMs. 50 institutions across the country will inform citizens about making 24-hour withdrawals and deposits easier, as well as using wallets and ATMs. 

Bitcoin Is Not Mandatory, But Encouraged
El Salvador’s historic decision was not without its fair share of criticism. Since the World Bank refused to help the country’s efforts to implement Bitcoin, President Bukele ruled that citizens did not have the right to use the cryptocurrency. However, there is

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