El Salvador’s President Says Residents Can Convert Their Cryptocurrency To Fiat After BTC’s Recognition As Legal Tender

Beginning 7th of Sept, there are fifty establishments and two hundred ATMs that are able to transfer American USD to BTC, as per Nayib.

El Salvador’s president, Nayib, who is the driving force behind the nation’s acceptance of BTC, stated that people would be able to exchange personal virtual currency for cash seamlessly once the largest digital currency is acknowledged as legal currency.

President of El Salvador, in a tweet on Sunday, stated that 4.5m people in the country would be able to exchange and HODL BTC as of when the nation formally recognized it as official currency. As per the president, a sum of 50 establishments will be made available for depositing or withdrawing traditional currencies enabling people to maintain digital currency or even liquidate their paychecks instantly.

The President of El Salvador, in a previous statement, stated that authorities would be constructing an ecosystem to accommodate a government-issued Btc wallet known as Chivo. Bukelel stated that Chivo would probably be available nationwide and will let residents transfer money 24 hrs each day even without giving any fee for the service being utilized on their current asset maintained, but nobody will be pushed to adopt the new trend.

As the President stated, If one does not wish to utilize, not download the Bitcoin wallet app and go about your usual life. No one is to steal your money. People can always go to other payment systems like Western Union to get services by paying a fee. After declaring during the 2021 June Btc conference in the US state of Miami that the President himself will be presenting laws to set Btc an official currency, Bukele has frequently openly discussed the advantages that virtual currency might offer to the countries s. The bill was eventually approved by the country’s Legislative Assembly and therefore is set to go into force on the 7 of September 2021. The President also has requested that a government-backed geothermal power firm make its services accessible to digital currency miners.

According to Cointelegraph statistics, the current price of BTC stands around $49,800, which is up by about eleven percent in the prior seven days. Earlier Wednesday, the cryptocurrency’s price temporarily exceeded $50k for the 1st time after May.