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Monday, 23 August 2021 18:55

Salvadorans will not pay commissions for the use of Chivo ATMs

Written by Evelyn Alas
Salvadorans will not pay commissions for the use of Chivo ATMs

The Central Government informed that as of September 7, people will be able to use Chivo ATMs and banking agencies called ''Puntos Chivo'' which will not pay commissions for the use of these, which will be available for free use, 24 hours a day, 365 days a year.

With the arrival of Bitcoin as legal tender, they will install 200 ATMs and 50 branches, which will be added to the banking system of the country, for the deposit or withdrawal of money of salvadorans or foreign tourists.

The ATMs and branches will be able to deposit and withdraw money freely without charging a commission for their use, which will prevent salvadorans from paying US$400 million annually in commissions for sending remittances to El Salvador. He also stated that the greatest advantage will not have to carry carry cash, so people will be able to make payments in a practical and safe way.

The President of the Republic, Nayib Bukele, indicated that ''The use of the ''Chivo Wallet'' application is optional, no one is obliged to use it and that another advantage will be that businesses will be able to receive payments in Bitcoin from tourists and investors''.

The President stated that ''tourist workers will be able to receive tips in Bitcoin and will be able to keep this currency or transform them automatically into dollars at no cost''.
 
Published in Economy
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