[ad_1]
El Salvador President Nayib Bukele said in a national speech Thursday that a recently passed law making bitcoin legal tender would come into effect on September 7, noting that its use will be optional.
El Salvador’s Congress approved Bukele’s proposal to adopt cryptocurrency on June 9, making El Salvador the first country in the world to adopt bitcoin as legal tender.
“The use of bitcoin will be optional, no one will receive bitcoin if they don’t want it … If someone receives a payment in bitcoin, they can choose to automatically receive it in dollars,” said Bukele.
Salaries and pensions will continue to be paid in US dollars, Bukele said, without specifying whether this included salaries paid to civil servants and private sector employees.
Athena Bitcoin Plans To Invest Over $ 1 Million To Install Cryptocurrency ATMs
Earlier today, Athena Bitcoin announced plans to invest more than $ 1 million to set up some 1,500 cryptocurrency ATMs in El Salvador, particularly where residents receive remittances from the foreign.
According to Athena Bitcoin’s website, ATMs can be used to buy bitcoin or sell it for cash.
The company plans to gradually install some 1,500 ATMs, hire staff and open an office to conduct operations in El Salvador, which in June became the first country to adopt bitcoin as legal tender. The move takes effect in September.
The President of El Salvador, Nayib Bukele, “presented us with a difficult challenge of 1,500 ATMs, we will achieve it, but in phases. We are a private company and we want to ensure that our development in the country is sustainable, ”said the director of the company. for Latin America Matias Goldenhrn.
Bukele touted the potential of cryptocurrency as a transfer currency for Salvadorians abroad.
“Initially, we’re going to bring in dozens of machines, (we’re going to) test what the business model looks like in El Salvador, which will likely be different from the one in the United States,” Goldenhrn added.
A year ago, Athena set up her first cryptocurrency ATM on El Zonte Beach in El Salvador, about 49 km (30 mi) southwest of the capital San Salvador, as part of an experiment called Bitcoin Beach aimed at making the city one of the world’s premier bitcoin economies.
The World Bank said it could not help the implementation of bitcoin in El Salvador due to environmental and transparency drawbacks, and the International Monetary Fund said it saw “macroeconomic, financial and legal issues” with the country’s adoption of cryptocurrency.
(With contributions from agencies)
Subscribe to mint newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Never miss a story! Stay connected and informed with Mint. Download our app now !!
[ad_2]
picture credit