El Salvador to Open ATMs, Kiosks for Bitcoin Exchanges

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El Salvador’s President Nayib Bukele announced on Twitter on Sunday that the country will open 200 ATMs and 50 kiosks on September 7 for its citizens to exchange bitcoins.

You will be able to convert bitcoin to US dollars and then withdraw those dollars for cash as the government makes digital currency legal tender.

There are no transaction fees for the exchanges that run through the government’s Chivo app.

“Our city pays $ 400 million a year in commissions for transfers,” which could be erased with Bitcoin, Bukele said.

“A Salvadoran abroad can send money to his relatives in El Salvador immediately. You can send yourself #Bitcoin (if you want) or you can send yourself dollars if you want, ”he said.

Bitcoin recently traded at $ 49,443, up 2% and soared 47% last month. But it’s only increased 1% in the past six months.

In other bitcoin news Monday, PayPal (PYPL) – Get the report has expanded its cryptocurrency services outside of the US, allowing customers in the UK to buy, sell and hold Bitcoin and other cryptocurrencies starting Monday.

The launch of the UK crypto services from online payment service provider San Jose, California marks its first international expansion.

It hopes this will lead to further global use of virtual coins and other digital currencies that could be developed by corporations and central banks, according to a Sunday Reuters report.

PayPal started offering the buying and selling of cryptocurrencies in the United States in March, so customers can use digital currencies to shop at merchants on its network.

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