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President Nayib Bukele: “Chivo Is Not A Bank, But In Less Than 3 Weeks, It Now Has More Users Than Any Bank In El Salvador With 2.1 Million Salvadorans Actively Using Chivowallet”

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Nayib Bukele, El Salvador president, has claimed that 2.1 million citizens are using the new government-backed Chivo cryptocurrency wallet. In a tweet, he implied the apparent success of Bitcoin in the country.



El Salvador recently adopted bitcoin as a legal tender on September 7, 2021, being the first country to do so.

 

On Saturday afternoon, president Nayib Bukele shared this update with his 2.9 million Twitter followers. He claimed that Chivo “now has more users than any bank in El Salvador” after just three weeks in operation. He also said that despite Chivo not being a bank, it already has more users than any bank in El Salvador and that it is only a matter of time before the wallet’s adoption surpasses all banks in El Salvador combined.

 

The state-issued wallet launched in early September as El Salvador officially recognized Bitcoin as legal tender. Chivo enables individuals and businesses to send and receive payments in Bitcoin (BTC) or dollars (USD) from anywhere in the world. Merchants must offer the ability to use both currencies. However, some merchants saying they would rather lose sales than accept bitcoin payments.

The wallet is available on both Android and Apple devices. Latin American cryptocurrency exchange Bitso is the core service provider for the Chivo wallet. There are now over 200 bitcoin ATMs in El Salvador, the third-largest number of ATMs after the U.S. and Canada.

President Bukele’s goal is 2.5 million Salvadorans, which is approximately 39% of the population. As an incentive, the government offers $30 in bitcoin when people download the wallet app.

Read More on El Salvador:

 

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Albert Brownhttps://thecryptobasic.com/
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.

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