El Salvador President Nayib Bukele said his country is gearing up for its cryptocurrency adoption by building infrastructure to support his ambitious goal. The millennial president reported that El Salvador is introducing 200 ATMs and planning more than 50 bank offices in front of the execution on September 7, as per a Sunday tweet post.
This will remain closely connected with the public authority’s cryptographic money application called Chivo, which can be seen as a computerized wallet that is open to the two residents and tourists. The people who download the application will get $30 in bitcoin. Chivo, as per past reports, will permit clients to consequently change over bitcoin into US dollars.
Exchanges in the application will be commission free, saving the Focal American country $400 million every year in expenses, Bukele said in a tweet. Numerous critics have questioned the choice, highlighting bitcoin’s extremely high volatility. Since people reaching an all-time high of about $65,000 in April, the value of the cryptocurrency has decreased by almost 25%. On August 23, it was trading at roughly $49,000.No one will be forced to adopt bitcoin, the president has maintained, and he confirmed this in his Twitter thread.
The law, known as the “Bitcoin Law,” highlights the 70% of El Salvadorans who lack access to “conventional financial services” and promotes financial inclusion and economic growth as justifications for using bitcoin.
However, large banks like JPMorgan and Bank of America as well as international agencies like the International Monetary Fund and the World Bank have expressed worry.