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.
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.
1.1 millones de salvadoreños ya utilizan @chivowallet (y aún no hemos habilitado el 65% de los modelos de teléfono).
Parece que lograremos bancarizar más personas en 1 mes, de lo que hicieron con nacionalizaciones y privatizaciones de la banca tradicional en 40 años.#Bitcoin🇸🇻
— Nayib Bukele 🇸🇻 (@nayibbukele) September 18, 2021
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.
17% of the population of El Salvador have downloaded the Chivo #Bitcoin wallet in just 10 days!
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) September 18, 2021
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.
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.