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According To El Salvador President, Nayib Bukele, 1.1 Million Salvadorans Now Using Chivo Bitcoin Wallet

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The President of El Salvador, Mr. Nayib Bukele share some positive news on how the adoption of bitcoin is growing in the country. According to Bukele 1.1 million citizens have downloaded the Chivo wallet.

Read: Paypal Enables All Eligible Customers In The UK To Buy, Hold And Sell Bitcoin, Ethereum, Bitcoincash & Litecoin From Their Paypal Account



According to a tweet from President Naib Bukele, roughly 1.1 million Salvadorans are now ready to use bitcoin as legal tender in the country and downloaded the Chivo bitcoin wallet created there in just ten days.

 

This is 17 percent of the country’s population. This fast wallet download speed persists despite the fact that 65 percent of smartphone models here do not yet support Chivo. Each citizen receives $30 worth of bitcoins after downloading the wallet.

Read: $1.2B In Ethereum Withdrawn From Exchanges In Past 24 Hours Along With Over $1 Billion In ETH Burned Since EIP-1559 Release

 

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.

Read: Statue Of Bitcoin Inventor, Satoshi Nakamoto Unveiled In Hungary

More than 70 percent of the population receives remittances to El Salvador. In 2020 alone, local residents received a total of $6 billion from abroad. Now Naib Bukele is confident that Bitcoin will help Salvadorans avoid these gigantic fees.

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

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Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Ammara authored more than 1,000 stories for TheCryptoBasic, CryptoComes and other fintech media outlets. She is particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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