Bitcoin

A third of Salvadoran use Chivo Wallet “actively”, claims President Bukele

Salvadoran President Nayib Bukele announced that 2.1 million of his compatriots are using the government-sponsored Chivo crypto wallet, which gives a glimpse into the obvious success of the country’s Bitcoin (BTC) gambit water.

Controversial President To update Its 2.9 million Twitter followers on Saturday afternoon claimed that after just three weeks of operation, Chivo “now has more users than any bank in El Salvador”. Bukele points out that it is only a matter of time before the introduction of Chivo dwarfs all banks in El Salvador combined.

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The government-issued Chivo wallet was launched in early September when El Salvador officially recognized Bitcoin as legal tender – a landmark move that could provide an important case study for other countries in the region. Chivo enables individuals and businesses to send and receive payments in Bitcoin or Dollars from anywhere in the world. The wallet is available on both Android and Apple devices. As Cointelegraph reported, the Mexican crypto exchange Bitso has registered as a core service provider for Chivo.

Related: Salvadoran creditworthiness could be hurt by bitcoin adoption, warns S&P Global

The latest update from Bukele shows that the Bitcoin law is gaining support across the country, even as hundreds of anti-government protesters have taken to the streets to express their disapproval. On September 15, these protests culminated in the burning of a crypto kiosk in the country’s capital.

Certainly, the bulk adoption of Chivo is due in part to the government giving $ 30 worth of BTC to each Salvadoran account holder. According to a recent survey by the São Paulo-based agency Sherlock Communications, more than half of Salvadorans are unfamiliar with Bitcoin.

Meanwhile, the Bukele government has been filling its coffers with BTC after a spate of volatile price swings for the digital asset. El Salvador has “fallen” on at least two recent price drops – September 7th and September 20th – bringing its total inventory to 700 BTC.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.