CRYPTO

One-third of Salvadoran Civos use wallets ‘actively’, President Buchanan claims

Salvadoran president Naib Bukle has claimed that his 2.1 million colleagues are using government-backed Chivo cryptocurrency wallets, which hints at the apparent success of the country’s Bitcoin (BTC) gambit.

Controversial president Update As of noon on Saturday, his 2.9 million Twitter followers, claiming that Chivo’s work was now just three weeks later, had “more users than any bank in El Salvador”. Buckle indicated that it was only a matter of time before all the banks in El Salvador met and took Chivo.

The state-issued Chivo Wallet was launched in early September as El Salvador officially recognizes Bitcoin as a legal tender-a landmark move that could provide an important case study for other countries in the region. Chivo enables individuals and businesses to send and receive money in bitcoin or dollars from anywhere in the world. The wallet is available on both Android and Apple devices. As reported by Cointelegraph, the Mexican cryptocurrency exchange has signed on to be the main service provider of Bitso Chivo.

Related: El Salvador’s credit rating could affect Bitcoin adoption, S&P Global warns

A recent update by Buckle suggests that the Bitcoin law is being conveniently adopted across the country, with hundreds of anti-government protesters taking to the streets to protest. On September 15, those protests resulted in the burning of a crypto kiosk in the country’s capital.

To be sure, the widespread acceptance of Chivo is due to the government dropping সাল 30 worth of BTC airdrop to each Salvadoran account holder. According to a recent survey by Sকo Paulo-based company Sherlock Communications, more than half of Salvadoran are unfamiliar with Bitcoin.

Meanwhile, Buckley’s government is paying its rent with BTC after a series of volatile price changes for digital assets. El Salvador has “bought dives” for at least two recent price reductions – bringing the total holdings of 7 September and 20 September – to 700 BTC.