Countries in central america are seeking el salvador’s adoption of bitcoin as legal cash to see if it reduces the cost of remittances. the congressional allies of president nayib bukele have already passed legislation making bitcoin an official currency alongside the u.s. dollar. it will go into effect in september this year.
el salvador is receiving technical support from the regional development bank cabei to establish the cryptocurrency. the world bank has refused to assist, citing concerns about the environment and transparency. the countries in central america that receive the highest remittances are the ones that are most likely to use bitcoin.
el aalvador has begun to set up bitcoin atms, allowing people to convert bitcoin into u.s. dollars and withdraw the money. the adoption of bitcoin will save salvadorans $400 million per year in remittance expenses. on september 7, the government’s bitcoin law will go into effect. they’ll also set up 200 teller machines to go along with their digital wallet, which was called chivo.
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