El Salvador is going to begin with the implementation of its new bitcoin law in the next month of September despite bumping into a solid stream of taunts, criticism, and all the opposition the country had to follow legalizing the bitcoin tender. World Bank, IMF, or any other monetary agency or organization you can think of that could have helped El Salvador to legalize matters with Bitcoin were very skeptical of this approach and waived nothing but their worries and inconvenience that El Salvador would have to go through overtime.
They had all kinds of reservations and issued a statement that it is a very negative advancement on account of El Salvador, and the country must not go through with it. But despite all the roadblocks, El Salvador did go through with it, and it is going fine for the South American country so far; in fact, the President is all but ready to implement the new bitcoin laws, which would go live in September.
El Salvador is All but Ready to Launch its State-controlled Crypto Wallet
The Government’s big plan is the development and implementation of a new Government controlled wallet by the name of Chivo. Any resident will be able to download the app and sign up free of cost; in fact, on successful signup, the person will receive $30 worth of bitcoin within their wallet. Anyway, the President has said that anyone who wishes to convert their Bitcoin into cash or USD would be able to do so with a simple click of a button and then would be able to withdraw these funds from all the 200 Bitcoin ATMs situated across the border controlled by the state. On the other hand, if someone wants to hold onto their bitcoin, they can also do that as the app allows them to do so.
All the ATMs will be carrying the necessary information on how to operate both the wallets and ATMs for the users. On the other hand, the withdrawals could be made 24 hours a day, and you won’t have to pay any commission to do so. This is actually a big step considering El Salvador is the only country going through this transition at the moment.