Categories: Market

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

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.

The Chivo app for Bitcoin payments published by the State of El Salvador has 2 versions, B2B and B2C

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.

Join our Facebook group and Telegram group Coincu News to chat with more than 10,000 other people and exchange information about the crypto currency market.

Important NOTE: All content on the website is for informational purposes only and does not constitute investment advice. Your money, the choice is yours.

CoinX

Recent Posts

Dogecoin Price Gets $5 Prediction, Shiba Inu To Rally 1,100%, And ETFSwap (ETFS) To Jump 135x

Here are the latest predictions for Dogecoin, Shiba Inu, and ETFswap.

2 hours ago

AVAX Hits $1B in DeFi, Cardano Expected to Surge—BlockDAG Leads with $110M Presale & 100% Bonus!

Discover BlockDAG's 100% bonus and $110M presale surge that’s sparking interest among crypto enthusiasts. Also,…

2 hours ago

Crypto Institutional Investors Move To ETFSwap (ETFS) Amid $500 Million Liquidity Injection Expectations

Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…

5 hours ago

Buyers Rush to Maximise Gains with BlockDAG’s 100% Bonus Offer; Plus, ETH Holds Strong as Solana Challenges Rivals

Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…

7 hours ago

Thai Police Corruption Case Involving Officers and Extortion

Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…

10 hours ago

SafePal Telegram Wallet Launches with Swiss Bank Accounts and CeDeFi

SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…

11 hours ago

This website uses cookies.