Nayib Bukele, the millennial president of El Salvador, stated recently that his country is now organizing itself for widespread crypto adoption ahead of its Bitcoin (BTC) project set to launch this September 7th. According to Bukele, El Salvador is preparing more than 50 bank branches and is installing 200 ATMs to properly support the projected influx of crypto investors and users once the project implementation goes underway.
This development also goes hand in hand with the El Salvadoran government’s native crypto application, the Chivo, which aims to serve as a partnering digital wallet that both tourists and natives could easily access. In addition to that, and perhaps a reward for those willingly supporting the country’s BTC project, those who download Chivo would be entitled to a $30 worth of BTC gift. Several reports also imply that Chivo users could also use the application to convert BTC into fiat USD automatically while being completely commission-free.
Although Bukele expects vast support from his constituents, he notably clarifies that using cryptocurrencies isn’t mandatory. If you want to download the app, do; if not, then don’t, says the El Salvadoran president. According to him, the introduction of BTC within the country’s financial ecosystem is not meant to disrupt the already existing infrastructure or force people to use it openly. He adds that BTC would be a viable alternative to those interested. At the same time, those who aren’t may simply go through with their everyday lives.
With all that being said, we only have to wait two more weeks before we see what happens when El Salvador’s BTC project officially launches this September 7th.