El Salvador becomes the first country in the world to adopt Bitcoin as legal tender; the objective of this new regulation is to regularize the use of Bitcoin to carry out commercial transactions throughout the Salvadoran territory. The law indicates that the exchange between the dollar and Bitcoin will be established freely by the market without any tax on “capital gains,” like another legal tender. As a result of this initiative, different companies have shown their interest in having a presence in this country or developing various projects; an example of this is the case of the ChainBytes company.
ATM automated teller machine installation
The ChainBytes company (manufacturer of ATMs) recently chose El Salvador as its main production center to begin manufacturing ATMs throughout the national territory; this will allow El Salvador to have the cryptocurrency Bitcoin to carry out different business operations in a more inclusive and accessible way. The company mentioned that in 10 days, the first ATM prototype will be ready, which will be elaborated entirely in the country. After that first objective, they expect to produce around 50 ATMs per day or 1,500 machines per month. ChainBytes points out that not only does it have the capacity to “respond to the demand” of the Central American country, but it could also meet the demand from all of Latin America and even from the United States, if necessary.
An innovation that will generate more employment
The ChainBytes company currently has 175 workers, but they estimate that that number will increase as production and demand increase. The company has been working since 2012 in the manufacture of ATMs and offering maintenance services for operators and companies focused on the Bitcoin ATM business. ChainBytes is headquartered in the State of Pennsylvania, USA.
It is important to note that ChainBytes had an ATM factory in China. Still, they had to move due to the prohibition of the use of cryptocurrencies in China, a good part of the resources of this project will be those that support the new factory of El Salvador, where it is expected to produce ATMs for other Latin American countries, to cover the demand for these devices.
For its part, the Government of El Salvador applauded this initiative of ChainBytes, when deciding to install its company in the country, especially after the meeting held between the authorities and part of the business team, highlighting its interest in settling in the country, which would be generating investment and the creation of new jobs in El Salvador.
Competition with Canada
By installing 1,500 ATMs nationwide, El Salvador would become the second country with the most Bitcoin ATMs established, after the United States, which has more than 16,000 ATMs (Canada has 1,379 ATMs). The plan of the government of El Salvador consists of the installation of that number of ATMs throughout its territory; initially, one ATM will be installed for each department (14 departments), with an investment of more than one million dollars.
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