El Salvador’s President Nayib Bukele while speaking at the national address said that recently passed law making bitcoin legal tender will take effect on September 7, while its use will be optional.
El Salvador`s Congress had earlier approved Bukele`s proposal to welcome the cryptocurrency, further making El Salvador the first country in the world to adopt bitcoin as legal tender.
“The use of bitcoin will be optional, nobody will receive bitcoin if they don`t want it… If someone receives a payment in bitcoin they can choose to automatically receive it in dollars,” said Bukele.
Salaries and pensions will be given as usual in US dollars, said Bukele, without specifying if that included salaries paid to state workers and private sector employees.
Athena Bitcoin had also said that it plans to invest over $1 million to install some 1,500 cryptocurrency ATMs in El Salvador, especially where residents receive remittances from abroad.
According to Athena Bitcoin`s website, the ATMs can be used to buy bitcoins or sell them for cash.