A week after Bitcoin was introduced as legal tender in El Salvador, the Central American country, it has exceeded half a million registered users in the Chivo wallet to make transactions in BTC and has opened ATMs in nine cities across the United Statesas announced by President Nayib Bukele.
It is worth remembering that on September 7th, El Salvador was the first country to officially introduce the digital currency Bitcoin (BTC) as legal tender, with the entry into force of the Bitcoin Act. The national government presented various initiatives that facilitate the operation of cryptocurrency among citizens, such as the Chivo digital wallet.
The President of the Nation of the Salvadoran Land, Nayib Bukele, said: â ???? We currently have more than half a million users (the Chivo wallet)to????, by posting on his Twitter account after the new regulations came into force aimed at reviving the stagnant economy that was converted into dollars in the Central American country twenty years ago.
He also reported that the Chivo wallet system enabled 50 ATMs in nine cities across the United Statesincluding but not limited to San Francisco, El Doral, Atlanta, Chicago, Dallas, El Paso, Houston, Laredo, and McAllen, to the extent permitted by law.
One of the most important things El Salvador is aiming for with this cryptocurrency strategy is that it serves to increase and decrease the cost of money transfers for Salvadoran citizens residing in the United States. Sending money from abroad is equivalent to 22% of GDP, making it an important engine of the Salvadoran economy.
With this in mind, the President hopes that by using cryptocurrency he can contribute to the population’s banking business and enable them to capture the more than $ 400 million remittance commissions that the citizens of Salvador send through © s from financial institutions abroad.
According to ECLAC data, around 2.8 million people live, ie 90% of all migration from the Central American country lives in the United States.
“In the United States we have Chivo ATMs (which allow you to top up with no commission) where local law allows,” the president said.
The Chivo Wallet is an electronic wallet that enables local and foreign Salvadorans to send, receive and store bitcoin and dollars. The wallet can be downloaded to the cell phone and offers users the option of converting between BTC and US dollars immediately.
Registered users who pass the Chivo wallet identification and security verification process will receive the equivalent of $ 30 in available BTC, for consumption in goods and services. The app was gradually activated by mobile phone models.
In the same way, Bukele reported that the 200 Chivo ATMs installed in different parts of the country are fully operational, as well as the 21 â ???? Puntos Chivosâ ????, physical units in which users conduct transactions and also receive training in the use of cryptocurrency.
In addition, he stated that the technical errors of the digital wallet have been corrected 95%, so they will be corrected 100% in the next few days.
The head of state also extended that Salvadorans in all parts of the world the balance of the Chivo wallet from Tuesday. can charge, with any debit or credit card and gift card, without paying commissions. He also added that the minimum transaction amount has been changed from a minimum of $ 5 to a minimum of $ 0.01 in the cryptocurrency.
The president also highlighted the presence of new companies joining the use of the Chivo Wallet and other apps, and the acceptance of Bitcoin or dollars as a payment method, such as Wendyâ ??? s, Pizza Hut and McDonaldâ ??? s also made it clear that with the new Bitcoin law, all merchants must accept transactions in the digital currency, but the business owner has the choice of whether the final income is in dollars or cryptocurrency.