Saturday 9 December 2023

El Salvador begins installing bitcoin ATMs

Paying the bills


The Casino Games With the Best Odds

Casino gambling on iGaming sites like mrbet or in...

Former Panamanian presidential candidate connected to a money laundering investigation arrested in Costa Rica

QCOSTARICA -- Costa Rican police on Tuesday arrested Panamanian...

Bailey Bridge will ease traffic congestion in front of San Jose airport

QCOSTARICA -- On Friday (tomorrow) traffic will be enabled...

Half of Ticos will vote in municipal elections, UNA survey

QCOSTARICA -- 46.3% of voters are 100% convinced that...

Fidel’s Sister and Outspoken Critic, Juanita Castro, Dies in Miami

Q24N - Juanita Castro, the younger sister of Fidel...

Exploring the potential of AI in sports betting

Sports betting is a popular and exciting activity that...

Dollar Exchange

¢526.96 BUY

¢533.11 SELL

9 December 2023 - At The Banks - Source: BCCR

Paying the bills


Q24N – El Salvador has begun installing bitcoin ATMs, which will allow Salvadorans to convert the cryptocurrency into US dollars and withdraw them in cash.

Specifically, the Nayib Bukele administration will install 200 ATMs initially to access the Chivo bitcoin digital wallet, as explained by the president on his Twitter account.

- Advertisement -

Likewise, transactions will be free of commissions, according to President Bukele, who commented that there will also be 50 financial branches throughout the country to withdraw or deposit money.

Use to Buy and Sell up to 200 Highly Volatile Cryptos.

The Salvadoran president also explained that the adoption of bitcoin in the Central American country will save its citizens 400 million dollars (340 million euros) in commissions for receiving remittances from abroad.

“Our people pay US$400 million dollars a year in commissions for remittances. Only that saving will be a huge benefit for our people (or at least for whoever wants it). There is also the advantage of not having to carry cash. Safer and more practical, “Bukele detailed on his Twitter.

The new law that will implement cryptocurrency as a legal currency will come into force on September 7. Salvadorans will be able to download the Chivo digital wallet and insert their identification number and receive US$30 in bitcoin. In addition, the Government of El Salvador has developed a fund of US$150 million dollars to support conversions from bitcoin to US dollars.

- Advertisement -

The International Monetary Fund (IMF) warned the Salvadoran government of the “significant risks” of adopting bitcoin as legal tender, as well as the regulatory measures necessary for its implementation.

The price of bitcoin surpassed US$50,000 on Monday morning for the first time in three months, amid renewed investor interest in the cryptocurrency.

- Advertisement -
Paying the bills
Q24N is an aggregator of news for Latin America. Reports from Mexico to the tip of Chile and Caribbean are sourced for our readers to find all their Latin America news in one place.

Related Articles

Bukele running for re-election in El Salvador despite constitutional restrictions

Q24N -- The president of El Salvador, Nayib Bukele, presented the...

Subscribe to our stories

To be updated with all the latest news, offers and special announcements.