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El Salvador’s Bitcoin experiment continues: One in three people use it

Nayib Bukele, president of the Central American country of El Salvador, which considers Bitcoin a legal payment tool, said one in three of its citizens use the Bitcoin payment tool Chivo.

l Salvadoran President Nayib Bukele has claimed that 2.1 million Salvadorans use the state-backed cryptocurrency wallet Chivo. This figure means that about one in three people in the country of 6.4 million people has a cryptocurrency wallet.

The move by El Salvador, which three weeks ago recognized Bitcoin, the world’s most widely used cryptocurrency, as a legal payment tool, is being closely watched by those who follow the crypto market.

“MORE THAN ANY BANK”

Finally, president Bukele said Chivo “has more users than any bank in El Salvador.” Bukele, who posted the news on his Twitter account, said it was only a matter of time before Chivo was adopted and eclipsed all banks in El Salvador.

The virtual wallet, called Chivo, was launched in early September after El Salvador recognized Bitcoin as its official payment tool. Salvadorans can send payments in Bitcoin or dollars from anywhere in the world through Chivo. The wallet is available on both Android and Apple devices.

$30 GIFT

The government distributed $30 worth of Bitcoin to everyone who used Chivo. This gift is thought to have been instrumental in the spread of the wallet.

El Salvador added 700 Bitcoins to its coffers in September with the latest price movements in Bitcoin.

THERE ARE CONCERNS

There were also protests in the country against the use of Bitcoin as a legal payment tool.

In early September, thousands protested in the country’s capital, San Salvador, against the use of Bitcoin as a legal currency. Demonstrators protesting the use of Bitcoin confronted police. Some Bitcoin centers have been set on fire.

The IMF and the World Bank warned El Salvador to declare Bitcoin an official currency, stating its risks.

 

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