March 3, 2024

New partners to work with institutional investors

New partners to work with institutional investors

Just a month after BTC became the official currency in El Salvador, there are more Chivo wallets than traditional bank accounts.

The cryptocurrency world has been watching El Salvador for about a month. Finally, Head of State Najib Bukele announced the entry of a new era by launching a legal tender for Bitcoin. The demarcation was not entirely smooth, and there were reports of disturbances and burning of BTC machines. But now the waves have calmed down a bit. Remarkably: after just a month, there are now more Salvadorans with bitcoin wallets than traditional bank accounts.

Chivo Wallet has been downloaded three million times

According to Bukele, three million people have downloaded the Chivo bitcoin wallet, which represents 46 percent of the population. In contrast, only 29 percent of Salvadorans had a bank account in 2017. El Salvador’s president is rowdy Reuters He suggested that his compatriots were apparently converting US dollars into bitcoin in particular and keeping the digital currency.

Since yesterday, Salvadorans have been throwing more money into a Chivo wallet ATM to buy Bitcoin than they are withdrawing from there. At such an early moment, this is amazing

And chirp President.

In particular, the concept of financial inclusion appears to be paying off. Therefore, the Chivo wallet is for low-income Salvadorans who have a smartphone but do not have a bank account, According to Forbes magazine Larger.