President of El Salvador: Bitcoin Law Will Be Supported By 200 ATMs and 50 Branches

The President of El Salvador, Nayib Bukele, announced via Twitter Sunday that 200 ATMs and 50 in-person kiosks are being built to launch on September 7 to support its forthcoming law making Bitcoin legal tender. President Bukele also noted that the government will facilitate the buying and selling of Bitcoin in El Salvador through its new Chivo App without collecting any commission.

Bukele’s twitter thread suggested many ways El Salvadorians can choose to benefit from the simple onboarding into Bitcoin the government promised to provide, such as receiving payment in Bitcoin through the Chivo app, or instead choosing to cash Bitcoin out in one of the 200 new ATMs.

Perhaps the biggest advantage to the citizen who uses Chivo will be the ability to send and receive remittances without any additional fee. Bukele noted, “Our town pays $ 400 MILLION a year in commissions on remittances.” With Bitcoin that number could effectively be reduced to zero.

El Salvador’s Chivo app selling Bitcoin commission-free comes just after Jack Maller’s Strike enabled virtually feeless purchase and withdrawals of Bitcoin.