The recently passed law making bitcoin legal tender in El Salvador will take effect on Sept 7, President Nayib Bukele said in a national address. With this law, El Salvador will become the first country to accept bitcoin as a legal tender. However, the use of bitcoin will be optional. Salaries and pensions will continue to be paid in USD. Bitcoin plan's to invest $1 mn to set up 1500 cryptocurrency ATMs in El Salvador, which will help to buy bitcoins or sell them for cash.