Bitcoin (BTC) will be accepted as legal tender in El Salvador in a few weeks. The government is working on a plan to build the necessary infrastructure, which includes a Chivo application for Bitcoin payments that uses 2 versions B2B and B2C that act as a payment platform and BTC wallet.

application Chivo for Bitcoin payments, issued by the State of El Salvador, has 2 versions, B2B and B2C

According to ElSalvador.com, the website of the El Diario de Hoy newspaper, Alejandro Zelaya, Salvador’s finance minister, has announced that the Chivo cryptocurrency application will actually have two versions: one for businesses and another for businesses. .

The government has promised to promote the app by making $ 30 worth of BTC available to early users, despite Zelaya insisting that the funds not be converted into fiat. The government also said it plans to open hundreds of stationary Chivo stores across the country offering crypto-to-fiat conversion and other launch-related services.

Zelaya also confirmed that both versions of the new app will be available for download by September 7th, reiterating that the Chivo app ecosystem will be “completely free” and “no rose” too.

He explained that two versions of the app are needed because “the cash flow that most people have as a private individual does not match the cash flow of a company”.

The government is said to have worked with the US company Strike on this app, which focuses on the Lightning Network.

The wave of rejection of Bitcoin in El Salvador continues

As reported, not all 6.5 million people in El Salvador are interested in the government adopting BTC. A petition to repeal the new BTC law is gaining support. It started two days ago on Change.org and has nearly 5,000 signatories

ElSalvador.com reported that 2 former presidents of the country’s central bank, Nicolás Martínez and Oscar Cabrera, have signed the petition calling for the “repetition of the law”.

Several “lawyers and economists” have also pledged to help, including Ricardo Castaneda, a senior economist at the Central American Institute for Fiscal Studies.

Meanwhile, Steve Hanke, an American applied economist at Johns Hopkins University who is a BTC skeptic and an outspoken critic of El Salvador’s Bitcoin law, cites data from a survey by the Salvador Chamber of Commerce: “3 in 4 people say they do will only use dollars even if the government tries to squeeze bitcoin down their throats ”.

The survey found that both business people and “non-entrepreneurs” were asked about their BTC intentions, with just 1% of each group saying they would use “only Bitcoin” after the law was passed and 21% of entrepreneurs said they would use both USD and BTC, and a quarter of the non-business people said they would combine the use of fiat and crypto.

Currently, the country’s Bitcoin user base is mostly concentrated in a small beach community in the village of El Zonte, operated by the Bitcoin Beach Project.

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