El Salvador continued to work through its legalization of Bitcoin, an insanely famous form of cryptocurrency. Athena Bitcoin is now planning to invest more than $1 million to install a total of 1,500 cryptocurrency ATMs throughout El Salvador's vicinity.
It is an essential step for a country that legalized Bitcoin as a legal tender as it is a place where many citizens receive remittances from all parts of the world.
El Salvador - Athena Bitcoin
Reuters reported that the Athena Bitcoin ATMs could be used to buy and sell Bitcoin cryptocurrencies. The crypto firm expected to continuously install 1,500 ATMs in El Salvador, while hiring staff to open offices to carry out operations in the country.
The report also stated that El Salvador and Athena Bitcoin's move will push through in September.
According to Athena Bitcoin's director for Latin America, Matias Goldenhörn, President Nayib Bukele gave them a tough challenge: to build 1,500 ATMs. However, he assured everyone that it would happen in phases.
Goldenhörn added that Athena Bitcoin is a private company, and they plan to ensure that Bitcoin's development in El Salvador will be effective and sustainable.
Is Bitcoin Sustainable?
Throughout the years, Bitcoin is a cryptocurrency that has been proven as a sustainable asset.
Reuters reported that President Bukele has touched on Bitcoin's potentiality as a remittance currency for El Salvador residents who live overseas.
Goldenhörn added that at first, they only planned to bring dozens of ATMs in El Salvador because business models in the country are different from those in the United States.
However, a recent change of plan occurred, and they are now going to roll out 1,500 ATMs in the region.
In 2020, Athena Bitcoin installed its first-ever cryptocurrency ATM in El Zonte Beach, El Salvador. It is located 49 kilometers southwest of San Salvador, which is the country's capital city.
It is a part of the "Bitcoin Beach" experiment, which aimed to transform the town into one of the first Bitcoin economies in the entire world.
El Salvador's Bitcoin Law
According to Coin Telegraph, the El Salvador President Nayib Bukele announced that the government would provide $30 worth of Bitcoin cryptocurrency to every single adult citizen in El Salvador because of Bitcoin's legalization.
Bitcoin enthusiasts proudly welcomed the announcement, while influencers believe that El Salvador's government has to purchase the required Bitcoin cryptocurrency amount that it plans to distribute.
As a result, an additional $100 million buying pressure will be felt by the market.
Reuters also mentioned that, on average, Bitcoin's global user base would soar by 2.5% because of El Salvador's effort to legalize it. Over 4.5 million Salvadorians will join the BTC crypto community.
However, El Salvador citizens might only receive their $30 BTC once they download the government-issued BTC wallet app on their mobile devices.
On the other hand, President Bukele confirmed that El Salvadorian law would start recognizing Bitcoin as a legal currency on September 7.
This article is owned by Tech Times
Written by Fran Sanders