El Salvador’s President Nayib Bukele announced on Twitter Sunday that the country will open 200 ATMs and 50 kiosks Sept. 7 to let its citizens make Bitcoin exchanges.
They will be able to convert Bitcoin into U.S. dollars and then withdraw those dollars in cash, as the government moves to make the digital currency legal tender.
There will be no transaction fees for the exchanges, which will run through the government’s Chivo App.
“Our town pays $400 million a year in commissions on remittances,” which could be erased with Bitcoin, Bukele said.
“A Salvadoran abroad will be able to send money instantly to their relative in El Salvador. You can send you #bitcoin (if you want) or you can send you dollars, if you want," he said.
Bitcoin recently traded at $49,443, up 2%, and has skyrocketed 47% in the last month. But it’s up only 1% for the past six months.
In other Bitcoin news Monday, PayPal (PYPL) - Get PayPal Holdings Inc Report has expanded its cryptocurrency services outside of the U.S., allowing customers in the U.K. to buy, sell and hold Bitcoin and other cryptocurrencies beginning Monday.
The San Jose, Calif., online payment services provider's U.K. crypto services launch marks its first international expansion.
It hopes that will lead to further global use of virtual coins and other digital currencies that may be developed by corporations and central banks, according to a Sunday Reuters report.
PayPal in March began offering cryptocurrency buying and selling in the U.S., allowing customers to use digital currencies to shop at merchants on its network.