Nayib Bukele, El Salvador president, has claimed that 2.1 million citizens are using the new government-backed Chivo cryptocurrency wallet. In a tweet, he indicated the obvious success of Bitcoin in the nation. El Salvador recently adopted bitcoin as a legal tender on September 7, 2021, being the first country to do so.
On Saturday afternoon, president Nayib Bukele shared this upgrade with his 2.9 million Twitter fans. He claimed that Chivo “now has more users than any bank in El Salvador” after just three weeks in operation. He likewise stated that regardless of Chivo not being a bank, it currently has more users than any bank in El Salvador which it is just a matter of time prior to the wallet’s adoption goes beyond all banks in El Salvador integrated.
El Salvador’s Chivo Wallet
The state-issued wallet launched in early September as El Salvador officially recognized Bitcoin as legal tender. Chivo makes it possible for people and organizations to send out and get payments in Bitcoin (BTC) or dollars (USD) from throughout the world. Merchants must offer the ability to use both currencies. However, some merchants stating they would rather lose sales than accept bitcoin payments.
The wallet is available on both Android and Apple devices. Latin American cryptocurrency exchange Bitso is the core provider for the Chivo wallet. There are now over 200 bitcoin ATMs in El Salvador, the third-largest number of ATMs after the U.S. and Canada.
President Bukele’s objective is 2.5 million Salvadorans, which is around 39% of the population. As an incentive, the government offers $30 in bitcoin when people download the wallet app.
Bitcoin Adoption In The Country
President Bukele’s most current upgrade suggests that the Bitcoin Law is being gotten favorably by the people of El Salvador. However, many protestors have taken the streets to assert their disapproval.
As reported, some protesters even set fire to a new Bitcoin maker, while others held indications checking out “Bukele Dictator”. According to the protesters, the president is using authoritarian means to tighten his grip on power. They collected in the capital San Salvador on the 200th anniversary of the nation’s self-reliance, with placards that check out “No to Bitcoin” and “Respect the Constitution”.
Apart from the protests, there were reported glitches during the initial rollout. n the very first week, one maker finished just 3 effective deals out of lots of. A lot of Salvadorans also do not trust bitcoin because of its volatility.
According to a current study from Sherlock Communications, a company in Brazil, 54% of Salvadorans are not knowledgeable about Bitcoin.
