Sunday, October 17, 2021
Home Crypto News Market El Salvador Chivo Bitcoin Wallet Has Surpassed 500,000 Users

El Salvador Chivo Bitcoin Wallet Has Surpassed 500,000 Users

- Advertisement -

local news reports El Salvador’s Chivo bitcoin wallet has already surpassed 500,000 users.

According to local media reports, El Salvador’s digital Bitcoin wallet Chivo has already reached half a million users. The country introduced the wallet on September 7th.

Users receive $30 in Bitcoin as an incentive when they first download the wallet. By September 7, the country had bought 400 bitcoins.


Bitcoin integration in El Salvador got off to a somewhat bumpy start as there have been several protests against its introduction. Protests came from both opposition forces and citizens – the latter marched on the streets and even filed a lawsuit.

The country has taken a number of measures to incentivize the use of Bitcoin. For example, foreigners are exempted from capital gains tax on their Bitcoin profits. In addition, if they decide to move and take an entrepreneurial initiative, they are granted permanent residence permits.

El Salvadorans celebrated its Independence Day on September 15th and many protested in the streets against the current government and its BTC initiative. It also became known that vandals destroyed Bitcoin ATMs in the country, which is further evidence of the displeasure with the new law.


El Salvadorans think Bitcoin further cemented existing inequalities – a concern that has been one of the main problems citizens have with the government. They also indicate that the bitcoins in the Chivo wallet could be confiscated by the government.

But Undeniable is the fact that BTC payments actually lower the cost of cross-border payments. CNBC recently reported that Western union and other payment processors were taking whopping 400 million away from El Salvador in shape of remittances fees.

“President Nayib Bukele estimates that money services providers like Western Union and MoneyGram will lose $400 million a year in commissions for remittances.”

Big names like McDonald, Pizza Hut, Starbucks all Started To Accept Bitcoin In El Salvador.

Other countries in the region are paying close attention to the development, which is the first of its kind.

- Advertisement -
Albert Brown
Albert Brown is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. Holds major cryptocurrencies and has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Realvision Founder Raoul Pal, “You Can Be Angry At Central Banks, Governments Or You Can Be Optimistic And Migrate To The New World Of...

RealVision founder Raoul Pal made important statements on digital currencies on Twitter. window.coinzilla_display = window.coinzilla_display || ; ...

El Salvador President, Nayib Bukele Says Citizens Are Using More USD To Buy Bitcoins

El Salvador President Nayyib Bukele shared two facts about the cryptocurrency wallet Chivo. window.coinzilla_display = window.coinzilla_display ||...

SEC Tacitly Approves First Bitcoin Futures ETF

The US Securities and Exchange Commission (SEC) has approved the ProShares application to launch the Bitcoin Futures ETF. Trading starts on Monday, October 18th. Also...

Bitcoin Above $60K After Twitter CEO, Jack Dorsey Said Square Is Considering Building A Bitcoin Mining System

Jack Dorsey says that Square is “considering” building its own Bitcoin mining system using custom silicon and open-source software. Read: Vladimir Putin: “Cryptocurrencies Have A Right...

CFTC Fined Bitfinex And Tether To Pay $42.5 Million Over USDT Backing

The United States Commodity Futures Trading Commission (CFTC) has settled claims against Tether and Bitfinex, ordering the company to pay fines totaling $ 42.5...

Bank Of Japan: “The Digital Yen Should Be Compatible With All Payment Services”

Executive Director of the Bank of Japan, Shinichi Uchida, believes that the digital Yen should be as simple and convenient to use as possible,...

Morgan Stanley CEO: “I Don’t Think Crypto Is A Fad, I Don’t Think It’s Going To Go Away”

Morgan Stanley CEO James Gorman said that the bank's clients show little interest in cryptocurrencies, but expressed confidence that digital assets will remain for...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.