President Bukele claims a third of Salvadorans use Chivo wallet “actively”

Category: Americas Crypto Regulatory
Posted by
Ravindu Dabarera

El Salvador initially allowed BTC as legal money on September 6 and the move attracted the worldwide community to show both love and condemnation

Salvadoran President Nayib Bukele stated that two and a million of his fellow people use the Chivo cryptocurrency wallet, supported by the government, giving an insight into the country’s seeming Bitcoin (BTC) success.

Saturday afternoon the controversial president updated his 2,9 million Twitter followers, stating that after just 3 weeks of operations Chivo “now has more users than any bank in El Salvador”.  Bukele said it’s a matter of time before Chivo’s adoption overshadows all the El Salvadorian banks together.

In early September, the state-issued Chivo wallet launched as El Salvador formally recognised Bitcoin as legal tender – an essential step that may provide other nations in the area an important case study. Chivo allows people and companies to transfer payments in or from anywhere in the globe in Bitcoin.

Both Android and Apple smartphones provide the wallet. As Cointelegraph reported, Bitso signed on as the primary service provider for Chivo’s cryptocurrency exchange.

Certainly, Chivo’s huge popularity is partly owing to the Government giving each Salvadoran account owner $30 in BTC. According to a recent poll by Sherlock Communications, a São Paulo-based consultancy, little over half of Salvadorans do not know about Bitcoin.

Meanwhile, after several dramatic price fluctuations for the digital commodity, the Bukele Government has kept filling its coffers with BTC. El Salvador “bought a dip,” which brought its total holdings to 700 BTC on at least two recent price dips – Sept. 7 and sept. 20.

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