2.1 Million Salvadorans Actively Using Chivo Wallet, El Salvador’s President Claims
26 Septembre 2021 - 8:00PM
NEWSBTC
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 implied the apparent success of Bitcoin in
the country. El Salvador recently adopted bitcoin as a legal tender
on September 7, 2021, being the first country to do so. Related
Reading | Just 10 Days After El Salvador’s “Bitcoin Day”,
President Bukele Confirms 1.1 Million Citizens Have Chivo Wallet On
Saturday afternoon, president Nayib Bukele shared this update with
his 2.9 million Twitter followers. He claimed that Chivo “now has
more users than any bank in El Salvador” after just three weeks in
operation. He also said that despite Chivo not being a bank, it
already has more users than any bank in El Salvador and that it is
only a matter of time before the wallet’s adoption surpasses all
banks in El Salvador combined. El Salvador’s Chivo Wallet The
state-issued wallet launched in early September as El Salvador
officially recognized Bitcoin as legal tender. Chivo enables
individuals and businesses to send and receive payments in Bitcoin
(BTC) or dollars (USD) from anywhere in the world. Merchants must
offer the ability to use both currencies. However, some merchants
saying they would rather lose sales than accept bitcoin payments.
Related Reading | El Salvador’s Chivo And Bitcoin Adoption In
Mindblowing Facts And Stats The wallet is available on both Android
and Apple devices. Latin American cryptocurrency
exchange Bitso is the core service 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 goal is 2.5 million Salvadorans, which is approximately
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 latest update implies that the
Bitcoin Law is being received positively by the citizens of El
Salvador. However, many protestors have taken the streets to assert
their disapproval. As reported, some protesters even set fire
to a brand-new Bitcoin machine, while others held signs reading
“Bukele Dictator”. According to the protesters, the president is
using authoritarian means to tighten his grip on power. They
gathered in the capital San Salvador on the 200th anniversary of
the country’s independence, with placards that read “No to Bitcoin”
and “Respect the Constitution”. BTC trading at $43.2K | Source:
BTCUSD on TradingView.com Apart from the protests, there were
reported glitches during the initial rollout. In the first week,
one machine completed only three successful transactions out of
many. A lot of Salvadorans also do not trust bitcoin because of its
volatility. According to a recent survey from Sherlock
Communications, an agency in Brazil, 54% of Salvadorans are not
familiar with Bitcoin. Featured image from Nairametrics, Chart from
TradingView.com
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