The President of El Salvador Nayib Bukele has revealed the structure for the upcoming implementation of the Bitcoin Law on September 7th, with the Chivo wallet app also available for download on the same day.
In a tweet thread on August 23rd, President Nayib Bukele said that the Chivo Wallet app will have a feature that would enable users to automatically convert their bitcoin to dollars. Individuals who choose to retain their BTC and later withdraw for cash can do so at any of the 200 ATMs that would be instituted by the government.
Furthermore, there would be 50 branches built across El Salvador for withdrawals and deposits, and also provide education on how to use the wallet and ATMs. The President added that cash withdrawals can be done 24 hours a day and without paying any commissions.
Bukele first announced the creation of the Chivo wallet back in June. According to the El Salvador President, adult citizens who download the app would receive $30 worth of bitcoin.