El Salvador Rolls Out 200 Bitcoin ATMs

As part of a long line of activities set aside to mark the beginning of the adoption of Bitcoin as a legal tender in El Salvador, at least 200 new ATMs have been rolled out in the country.

The new ATMs were rolled out to prepare about about 50 bank branches in the country in a bid to allow residents to exchange crypto for fiat easily, an announcement by the country’s President, Nayib Bukele, on Twitter over the weekend indicated.

El Salvador became the first country in the world to adopt bitcoin as legal tender in June after the country’s Congress approved President Bukeles proposal to embrace the cryptocurrency, a move that delighted the currencys supporters.

With 62 out of 84 possible votes, lawmakers voted in favor of the move to create a law to adopt bitcoin, despite concern about the potential impact on El Salvador’s program with the International Monetary Fund.

Before the approval, Bukele had touted the use of bitcoin for its potential to help Salvadorans living abroad to send remittances back home, while saying the U.S. dollar will also continue as legal tender. In practice, El Salvador does not have its own currency.

“It will bring financial inclusion, investment, tourism, innovation and economic development for our country,” Bukele said in a tweet shortly before the vote in Congress, which is controlled by his party and allies.

ith El Salvadors Bitcoin adoption bill coming into effect on Sept. 7, Bukele said those not interested in using BTC would be able to exchange the BTC they receive for cash at any of those locations. He also reiterated that the U.S. dollar will continue to be in circulation.

El Salvador has also created Chivo, its own state-backed crypto wallet that would be compatible with the new ATMs and would be interoperable with any existing crypto wallet.

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