The first country in the world to adopt Bitcoin as legal tender, El Salvador, recognized Bitcoin as legal tender on 6th September. The President of the nation, Nayib Bukele, confirms the success of his Chivo wallet. According to the Bitcoin-pro leader, over a third of the citizens in the nation are using this wallet.
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Bukele’s decision was viewed with increased speculation and criticism. There were plenty who termed this to be a disastrous move. Nayib Bukele mentioned that around 2.1 million El Salvadorans are currently using the Chivo wallet. This is a symbol of the success of the Bitcoin legalization bill.
Chivo wallet with more users than banks in the nation
According to President Bukele, the number of users of the Chivo wallet has exceeded the number of people having bank accounts. This is a historic achievement for the citizens as many people in the nation didn’t have bank accounts.
Bukele further said that this extraordinary achievement occurred in just three weeks. He said that the adoption is picking up pace as the banks are left behind.
The Chivo wallet application is present on both Android and iOS operating systems. With the introduction of this application, users will be easily able to send or receive payments to people worldwide.
Crypto adoption in El Salvador
El Salvador’s current President has spent a lot of time and effort in the legalization of Bitcoin. He has decided to build mining farms using the nation’s substantial reserves of geothermal energy.
The President remains positive, although the citizens came on the streets against the crypto bill. On 15th September, there were hundreds of people on the streets of the capital city of El Salvador who expressed their rage against the crypto law.
Although, the majority of Chivo wallet adoption rate can be attributed to the $30 worth BTC giveaway. In-depth research conducted by Sherlock Communications brought forth the fact that more than half of the population of the nation doesn’t know what Bitcoin is.
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