El Salvador’s President, Nayib Bukele, announced via Twitter the installation of a new Chivo Bitcoin ATM on Bitcoin Beach, where users will no longer be charged fees when withdrawing cash from their Chivo Wallets and will only be charged the bitcoin network fee when withdrawing money from any bitcoin wallet.
The installation of this new wallet was prompted by several requests from residents of Bitcoin Beach.
Bitcoin Beach is a popular vacation destination in El Salvador’s small beach town of El Zonte, and many shops in the region accepted bitcoin some years before it became Bitcoin Beach.
El Salvador’s Bitcoin Commitment Through Chivo Wallets
El Salvador became the first country to adopt Bitcoin as legal tender in September, allowing customers to use the cryptocurrency in any future financial transactions. The government received widespread attention as a result of this action, and the International Monetary Fund (IMF) pressed it to reconsider its decision.
El Salvador has initiated a push to promote Bitcoin usage, with the installation of hundreds of Chivo bitcoin ATMs throughout the country. As part of this programme, Chivo installed 50 commission-free Chivo ATMs in ten sites around the United States, making money transfers to family and friends more affordable and convenient. Along with bitcoin purchase and sale operations, the ATMs support zero-commission transactions, which are a cost-effective way to transmit money across borders.
El Salvador currently holds 1,120 bitcoins in its treasury, and the Chivo app is used by millions of Salvadorans.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
