Re: El Salvador rolls out 200 Bitcoin ATMs in a bid to speed-up nationwide adoption
El Salvador's President Nayib Bukele confirmed in a tweet that the nation will be roll out about 200 ATMs and prepare 50 bank branches across the nation to allow residents to exchange crypto for fiat easily.
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Some few facts
Bukele, also said that adopting Bitcoin will save Salvadorans $400 million per year in fees for receiving remittances from abroad
What do you guys think about such a move by El Salvador?
Personally, I have mixed emotions when it comes to the part of a state-backed crypto wallet but a side from that, I think in general, it's a good thing for the citizens and Bitcoin adoption alike. This is a little a break from the news of other different nations banning trading and mining of cryptocurrencies and discouraging citizens from using them.
1. https://www.ndtv.com/business/el-salvador-to-install-200-bitcoin-atms-as-part-of-the-governments-plan-to-make-the-token-legal-tender-2517158
2. https://forkast.news/headlines/el-salvador-bitcoin-atms-nationwide/
If the wallet is open source then it should not be a problem, now if it is close source then this is more problematic but it is understandable that they are doing this in this way and it does not worry me at all, after all I think El Salvador is choosing the minimum negative intervention possible that they can and this is a good thing.Image credit
Some few facts
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- With El Salvador’s Bitcoin adoption bill coming into effect on Sept. 7, Bukele said those not interested in using BTC would be able to exchange the BTC they receive for cash at any of those locations. He also reiterated that the U.S. dollar will continue to be in circulation.
- El Salvador has also created Chivo, its own state-backed crypto wallet that would be compatible with the new ATMs and would be interoperable with any existing crypto wallet
- “What if someone doesn’t want to use Bitcoin?” Bukele said. “Don’t download [Chivo] and continue living your normal life. Nobody is going to take your dollars […] Someone can always queue up at Western Union and pay a commission.”
Bukele, also said that adopting Bitcoin will save Salvadorans $400 million per year in fees for receiving remittances from abroad
What do you guys think about such a move by El Salvador?
Personally, I have mixed emotions when it comes to the part of a state-backed crypto wallet but a side from that, I think in general, it's a good thing for the citizens and Bitcoin adoption alike. This is a little a break from the news of other different nations banning trading and mining of cryptocurrencies and discouraging citizens from using them.
1. https://www.ndtv.com/business/el-salvador-to-install-200-bitcoin-atms-as-part-of-the-governments-plan-to-make-the-token-legal-tender-2517158
2. https://forkast.news/headlines/el-salvador-bitcoin-atms-nationwide/
Also I am really impressed by what is happening there, not only El Salvador is letting you use bitcoin as any other currency they are actually supporting the adoption by this move, I do not think that I am exaggerating but a great deal of the fate of bitcoin will be decided there, if other countries see that bitcoin is being used and saves people money and it is good for their economy especially in the difficult times we are going through then that could be what is needed to see other countries pulling off the same move.