Chivo, El Salvador’s official crypto wallet, has amassed up to 70% of the country’s community, which does not have access to traditional banking.
El Salvador, is the first country in the world to make Bitcoin legal tender.
Netki announced that the Chivo cryptocurrency wallet gained over 4 million new users in 45 days using the company’s flagship product. The platform has made it easier to introduce 70% of the country’s population, who previously had no access to banking services, to the world of cryptocurrencies.
El Salvador passed a Bitcoin law last June and officially made Bitcoin legal tender. Nayib Bukele, president of the Central American country, explained that the aim was to offer digital banking services to more than 70% of the unbanked population in the country. To promote the use of BTC and ease of transactions, the government launched a national crypto wallet called Chivo, which held $30 worth of Bitcoins.
Major financial institutions, including the World Bank and IMF, shared drastic forecasts while warning El Salvador of unwarranted economic consequences. However, President Bukele continued to promote the use of Bitcoin in the country and rebuked any fear-mongering. After the country rejected a $1 billion IMF bailout, the Salvadoran government launched Bitcoin bonds.
Chivo played a key role in making El Salvador the first country where using Bitcoin was as easy as using traditional currencies. In addition to transferring money around the world, Chivo wallets are used for everyday transactions in restaurants, cafes, malls and every other retail market.
The government has also launched hundreds of Bitcoin ATMs across the country, making it easier for millions of people to transfer money abroad. Chivo has managed to do what banks have not been able to do for decades.
20/01/2022 – Mr.Advice NEWS