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El Salvador Readies Bitcoin Rollout With 200 ATMs for Conversion

  • Bitcoin to save citizens $400 million/year in remittance fees
  • Government has created a $150 million fund to back conversions
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El Salvador began installing Bitcoin ATMs, allowing its citizens to convert the cryptocurrency into U.S. dollars and withdraw it in cash, as part of the government’s plan to make the token legal tender.

The government will install 200 of the teller machines to initially accompany its digital wallet called Chivo, a local slang term for ‘cool,’ President Nayib Bukele said on Twitter. Transactions will be commission free, he said, adding that there will also be 50 financial branches across the country for withdrawing or depositing money.