El Salvador Plans to Launch 1500 New Bitcoin ATMs Gradually Towards September

News / 26.06.2021

Athena Bitcoin company spokesman has just confirmed that it aims to invest more than $ 1 million (approximately Rs 7.4 crore) to set up cryptocurrency ATMs in El Salvador, particularly where foreign residents get remittances. Citizens can use ATMs to either buy or sell Bitcoins for cash.

El Salvador’s President, Nayib Bukele, is invested in seeing more people use and transact in cryptocurrencies. He has, however, made clear that the rumors about mandating the use of Bitcoin for every citizen are not valid.

Getting Prepared for September Bitcoin Law

Athena, at the moment, has two sites that already operate in Athens with Bitcoin ATMs. One is situated at El Zonte Beach, while the second is just 11 kilometers away at El Tunca, part of a ‘Bitcoin Beach’ experiment.

Athena Bitcoin is looking into installing about 1500 ATMs gradually and at the same time employ staff. It will even open an office carrying out operations in El Salvador that became the first country to accept bitcoin as a legal tender in June.

The firm’s director for Latin America, Matias Goldenhörn, said that they are a private corporation and want to make sure that their growth in the country is very sustainable.

The government announced its new digital wallet, dubbed Chivo, enabling residents to store their bitcoin and other digital currency before the new Bitcoin law begins on September 7. When they sign up, all citizens get $30 worth of Bitcoin after they have gone through the registration process, based on local media reports.

Making Transfers Overseas

Bukele has promoted the potential of cryptocurrency as a transfer currency for El Salvadorans abroad. It is one of El Salvador’s most significant contributors to its GDP. And Bitcoin legalization aims to facilitate and speed up these transactions. He said they would bring dozens of machines and test what the opportunity model is like, possibly different from that in the United States.

Bukele noted that dollar deposit bank accounts would stay in dollar currency. Individuals are responsible for deciding whether or not to convert their holdings to Bitcoin, although this is not compulsory.

Accessing the Digital Divide

The El Salvador trade sector is mainly informal. But, unfortunately, it is also one of the nation’s most significant informal sectors. The lion’s share of trade activity thus falls off the grid and has no access to technology resources.

The government has stated that it will educate the country’s merchants—large and small—on the usage of bitcoin to resolve the digital divide.

However, given environmental and transparency disadvantages, the World Bank has declared that it cannot implement El Salvador’s Bitcoin. In addition, the International Monetary Fund has said that it saw macroeconomic, financial, and legal issues with its cryptocurrency adoption.

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Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.