Bitcoin from the government of El Salvador cannot be converted into dollars

The Minister of Finance of El Salvador, Alejandro Zelaya, reported that the 30 dollars in bitcoin that the government is going to grant to its citizens cannot be converted into fiat currency.

The government’s intention is to encourage its citizens to join the crypto space, and not precisely to “give away money,” in the words of the minister.

In the midst of the doubts that were generated among Salvadorans by these comments from the minister, President Nayib Bukele used his personal Twitter account to clarify the convertibility of bitcoin within the Salvadoran economy.

In the first place, the president clarified that the use of the Chivo Wallet will not generate any type of commission for sending or receiving remittances or payments, nor will it generate charges for the conversion of bitcoin to dollars or from dollars to bitcoin.

On the other hand, he stressed that the money, either in dollars or in cryptocurrency, that is kept in the Chivo Wallet could be withdrawn in cash at the more than 200 Chivo points that will be kept in historic centers and shopping centers. On these sites you can also make deposits and purchase bitcoin as explained by Bukele.

K. Tovar

Source: agencies