El Salvador’s Chivo Bitcoin Wallet Surpasses 500,000 Users Despite Public Opposition

After a security issue emerged, El Salvador’s Chivo Bitcoin wallet is operational again and has more than 500,000 users.

Chivo has exceeded 500,000 users

El Salvador launched the wallet on September 7th and liked it Bitcoin magazine mentioned, the platform has crashed and is the subject of a privacy violation complaint. At the start date of the wallet, the country bought 400 BTC. According to reports, users will receive $ 30 in Bitcoin the first time they download the wallet as an incentive reward.

El Salvador’s decision to accept Bitcoin got off to a difficult start amid countless protests. Protests came from both opposition forces and the general public, many of whom later hoisted protest flags in the streets and even filed complaints.

The country has taken a number of measures to encourage people to use BTC. For example, foreigners are exempt from income tax on Bitcoin profits. In addition, if they decide to move into the country and run a crypto business, they will be given permanent residency.

Several El Salvadorans have set up multiple Reddit threads to discuss the general sentiment surrounding the largest cryptocurrency on the market. These discussions are good, bad, and some even expressed more dissatisfaction when they destroyed a cryptocurrency kiosk in this country’s capital.

Bitcoin magazine previously reported that a Chivo-backed Bitcoin ATM caught fire in the middle of a crowd in the capital, San Salvador. Protesters against the Bitcoin law are said to have carried out the cremation.

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Some users claim that the decision to accept Bitcoin helped further exacerbate existing inequalities. This is one of the government’s public concerns. They also believe that the bitcoins in the Chivo wallet are likely to be confiscated by the government as well. It is undeniable that BTC payments can actually lower the cost of cross-border payments. Other countries in the region are closely monitoring this development, which is the first of its kind.

Will other countries follow?

Although many argue that El Salvador will be the driving force for other countries to follow suit. However, this is currently very unlikely, or at least not possible. But the turn of events isn’t that negative. Most governments are determined to issue their own central bank digital currency (CBDC).

The idea of ​​legalizing Bitcoin has been rejected by China, India and Russia. With major economies refusing to accept this asset class, most other countries will follow suit. However, the Bitcoin experiment in El Salvador could produce some surprising results. If BTC actually does become a vehicle for cross-border transactions, it could encourage more countries to do the same.

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