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El Salvador and Bitcoin: here are the latest updates

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Nayib Bukele, the president of El Salvador, wrote about Bitcoin in several posts on his official Twitter account.

Bukele gave more details about the new Bitcoin law that will come into effect on September 7. He accused the opposition of trying to scare people about the implementation of the most famous cryptocurrency but the president of El Salvador strongly believes that Bitcoin will have many benefits.

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Residents will be able to download an application on their mobiles so they can receive payments in BTC or dollars. El Salvadorans who will download it will receive $30 equivalent in bitcoin and can send or receive remittances without any commission fees needed.

The government will not force anyone to receive BTC as a form of payment.

“A Salvadoran abroad will be able to send money INSTANTLY to their relative in El Salvador. You can send you #bitcoin (if you want) or you can send you DOLLARS, if you want. If you don’t want to, you can always go to the Western Union queue and pay commission. There is no problem.”

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4.5 million adults in the country can use Bitcoin in their everyday life. Chivo is the digital wallet supporting the cryptocurrency, and more than 200 Chivo ATMs can be found all over El Salvador. Residents spend approximately $400 million in commissions for remittances, and the new Bitcoin law will avoid that.

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