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I drove over to the El Salvador consulate in Atlanta Friday afternoon. The Chivo ATM was alive and well & citizens can remit dollars in their pockets home to El Salvador for free, at the speed of light. This is huge.

I drove over to the El Salvador consulate in Atlanta Friday afternoon. The Chivo ATM was alive and well & citizens can remit dollars in their pockets home to El Salvador for free, at the speed of light. This is huge.



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26 Comments

  1. Now THIS is an incredibly smart idea!! I had no idea these ATMs were at the US consulates. El Salvador goal is to cut the millions in fees paid yearly for Remittance and this solves the problem!

    What i haven’t figured out, and id love someone to pls explain is how its free if charge? don’t all BTC transactions have SOME sort of fee for transactions? Or is this the beauty of the lightning network?

  2. If that isn’t mind blowingly fantastic to you, then I don’t know what is. Chivo and kuvanet are now registered with the Central Bank of El Salvador. Massive breakthrough for adoption.

  3. dumb question — if people in El Salvador really want USD which they seem to, are the Chivo atms in the country constantly depleted of US dollars?

    and another q: are they two way, like can I put in USD notes into a Chivo atm and get LN sats sent to me?

  4. Extremely interesting, since their relatives in home country can just use btc to consume, and most possibly with a higher purchase power after they wait a while

    And if this continues, there will be continuous purchasing of BTC at US side, without corresponding selling perssure on El Salvador side, which gives some kind of net purchasing support depends on volume of the remittance

  5. This is where the money to fund these ATMs is coming from https://twitter.com/nayibbukele/status/1409602154088779777 as explained by their President.

    Paraphrasing a bit: “In order to bring US dollars to El Salvador, we pay 100% of their printed value, plus air transport, insurance, custody, transport and ground security to the vaults, security and administration of the vaults, distribution of that money to the banks, etc.”

What do you think?

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