More news from El Salvador. Earlier on, the country had passed a law on bitcoin, making it an acceptable and official means of payment.
In addition, a national Bitcoin wallet, called “Chivo”, will be created for operations with BTC, supported by the government of El Salvador.
President Nayib Bukele tweeted that the launch of the wallet will take place on September 7th. On this day, the law recognizing bitcoin as a legal tender will come into force.
Wallet users can activate a feature that will automatically convert bitcoins to dollars and vice versa. Cash can be withdrawn from 200 ATMs, which are already being installed. In addition, 50 “Puntos Chivos” branches are being established. There, it will be possible to solve all technical problems, withdraw or deposit funds, as well as transfer them anywhere in the world.
“If you don’t want to use the Chivo digital wallet, you can always take a queue at Western Union and pay a commission. There is no problem,” wrote Bukele.
Rallies are still taking place in El Salvador. Not all citizens of the country support the Bitcoin law. Many believe that the currency will facilitate money laundering as well as terrorist financing.