Nayib Bukele, the president of Republic of el salvador and the principal figure behind the country's adoption of Bitcoin (BTC), said residents will have the opportunity to catechumen their crypto to fiat immediately after Bitcoin is recognized equally legal tender.

In a Sunday announcement on Twitter, Bukele said 4.5 million adults in El salvador would have the option of HODLing their Bitcoin in one case the country officially accustomed the cryptocurrency equally legal tender or "withdraw[ing] information technology in cash at any of the 200 ATMs." Co-ordinate to the El Salvador president, there volition besides exist 50 branches capable of withdrawing or depositing fiat for residents to hold crypto or immediately liquidate their salaries.

Bukele previously said that the regime would be building the infrastructure to support a country-issued Bitcoin wallet, called Chivo. The president claimed that "Chivo ATMs" volition eventually exist "everywhere" and allow El Salvadorans to withdraw cash 24 hours a day without paying commissions on their holdings, just no one will be forced to use them.

"What if someone doesn't want to employ Bitcoin?" said Bukele. "Don't download the [Chivo] app and continue living your normal life. Nobody is going to accept your dollars [...] Someone can always queue upward at Western Spousal relationship and pay a commission."

Related: El Salvador'southward Bitcoin experiment: Cointelegraph video written report

The Republic of el salvador president has regularly spoken of the benefits that cryptocurrency can bring to the Central American nation since announcing he would exist introducing legislation to brand Bitcoin legal tender at the June Bitcoin 2022 conference in Miami. The bill later passed the nation'due south Legislative Assembly and is scheduled to be effective starting Sept. 7. Bukele has as well called on a state-endemic geothermal ability visitor to make its facilities available to Bitcoin miners.

Equally data from Cointelegraph Markets Pro shows, the price of Bitcoin is $49,796 at the time of publication, having risen more 11% in the concluding vii days. Before today, the price of the crypto asset briefly returned to more than $l,000 for the beginning time since May.