El Salvador’s President Naib Buckel claims that 21.1 million people are using the new government-backed Chivo cryptocurrency wallet. In a tweet, he referred to the apparent success of Bitcoin in the country.
El Salvador recently accepted Bitcoin as a legal tender in September-September, 2021, as the first country to do so.
Related Reading | Just 10 days after El Salvador’s “Bitcoin Day”, President Buchanan confirms that 1.1 million citizens have Chivo wallets
On Saturday afternoon, President Naib Bukle shared the update with his 2.9 million Twitter followers. He claimed that Chivo was now “more user than any bank in El Salvador” after just three weeks of work. He added that even though Chivo is not a bank, it already has more users than any other bank in El Salvador and it is only a matter of time before wallet adoption surpasses all El Salvador banks.
2.1 million Salvadoran is actively used iv Chivovalet (Not download).
Chivo is not a bank, but in less than a week, it is now moving faster for more users and more users than any other bank in El Salvador that all the banks have merged in El Salvador.
It’s wild!# Bitcoin3
– Naib Bukle 🇸🇻 (ay Naibbukle) September 25, 2021
Chivo wallet in El Salvador
The state-issued wallet was launched in early September after El Salvador officially recognized Bitcoin as a legal tender. Chivo enables individuals and businesses to send and receive payments in Bitcoin (BTC) or Dollars (USD) from anywhere in the world. Traders must be given the ability to use both currencies. However, some merchants say they will lose sales rather than accept bitcoin payments.
Related Reading | El Salvador’s Chivo and Bitcoin acceptance data and statistics
The wallet is available on both Android and Apple devices. The Latin American cryptocurrency exchange Bitso is the main service provider of Chivo Wallet. El Salvador now has more than 200 bitcoin ATMs, making it the third largest ATM after the United States and Canada.
President Buchanan’s target is 2.5 million Salvadoran, about 39% of the population. As an incentive, the government offers য়ে 30 in Bitcoin when people download the Wallet app.
Acceptance of bitcoin in the country
President Buchanan’s latest update indicates that the citizens of El Salvador are accepting the Bitcoin Act positively. However, many protesters took to the streets to express their disagreement.
Reportedly, some defendants even set fire to a new bitcoin machine, while others held up signs reading “Buckle Dictator”. According to protesters, the president is using authoritarian means to assert his authority. They gathered in the capital, San Salvador, on the 200th anniversary of the country’s independence, with placards reading “No Bitcoin” and “Respect the Constitution.”
BTC trading at $43.2K | Source: BTCUSD on TradingView.com
In addition to the protests, there were reports of errors during the initial rollout. In the first week, one machine completed only three successful transactions among many. Many Salvadoran also do not trust Bitcoin because of its instability.
According to a recent survey by Sherlock Communications, a Brazilian company, 54% are not familiar with Salvadoran Bitcoin.
Featured image from Nairametrics, Chart from TradingView.com