Bitcoin ATMs Are Ready For Shipment To El Salvador

The first ATMs designed to withdraw cash through the cryptocurrency App "Bitcoin Beach". / FP El Salvador has become the first nat...

The first ATMs designed to withdraw cash through the cryptocurrency App "Bitcoin Beach". / FP

El Salvador has become the first nation to adopt bitcoin as legal tender. Lawmakers in that country made history when they voted into law and approve a proposal from President Nayib Bukele’s Bitcoin bill allowing the cryptocurrency to be used as a form of payment alongside the U.S. Dollar. The measure was passed by a “supermajority,” with 62 out of 84 votes in favor.

• El Salvador ordered some ATMs.
• ATMs will able to convert BTC into fiat and vice versa.

''The purpose of this law is to regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out,'' the official statement reads. 

GIFX welcoming Salvadoran users.

The legislation will allow citizens to use Bitcoin to pay for no shortage of things, whether it be their taxes, debt, or everyday purchases like groceries and gifts. It stated that “all economic agents shall accept bitcoin as a form of payment when it is offered by the purchaser of a good or service.”

Apart from giving BTC legal tender status, the bill also covers several franchises. For example, zero capital gains tax on BTC and tax payments in Bitcoin. Also, El Salvador is giving permanent residency to anyone who invests 3 BTC in the country. 

ATM designed to withdraw cash through the cryptocurrency App "Bitcoin Beach Wallet" commonly used in El Zonte Beach. Also, the government stated that they are building a Bitcoin wallet for citizens to use and geothermal power to mine bitcoin. Further, the authorities said they would grant a way for citizens to convert BTC to US$ instantly and vice versa. Yesterday, there was a rumor on social media that El Salvador ordered some Bitcoin ATMs, but now it has been confirmed that one businessman in El Zonte has ordered these ATMs. 

20,000 people in El Salvador 🇸🇻 recently transacted on the #Bitcoin Lightning Network, using the @Bitcoinbeach wallet.

All together, their total fees were $4.98. Yes, 𝗮𝗹𝗹 𝘁𝗼𝗴𝗲𝘁𝗵𝗲𝗿.

— Documenting Bitcoin 📄 (@DocumentingBTC) June 20, 2021

The use of cryptocurrency has long been championed by Bukele, a right-wing populist who rose to power in 2019. Prior to the vote, he said approving Bitcoin as a national form of payment and transaction would allow the majority of Salvadorans in the financial inclusion — particularly for those without access to banks — tourism, innovation, farming, fishing, and it will shape economic development in the country.

Related topic: Cryptocurrency ATM And How Does It Works?

In the 24 hours after the announcement, the virtual currency was trading at $36,849 per coin, jumping about 7.9% over the last 24 hours, according to CoinDesk.