Bank / Credit Union

El Salvador to install 200 Bitcoin ATMs

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August 26, 2021

El Salvador's President Nayib Bukele has announced the country will install 200 Bitcoin ATMs as part of an effort to adopt the cryptocurrency as the official currency of the country, according to a report by Markets Insider.

These ATMs will work alongside the government's cryptocurrency app Chivo. Users that download the app will receive $30 in bitcoin and will be able to convert bitcoin into U.S. dollars.

El Salvador is adopting bitcoin as a way to reach out to the 70% of El Salvadorans who do not have access to financial services.