Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

17% Of Salvadoreans Already Have Chivo Wallet – 10 Days After Bitcoin Day

17% Of Salvadoreans Already Have Chivo Wallet – 10 Days After Bitcoin Day

It has been 10 days since El Salvador made bitcoin legal tender in the country. Along with the adoption, El Salvador introduced its own government-backed crypto wallet named Chivo in order to enable its citizens to use bitcoin.

The adoption of Chivo wallet was incentivized by the El Salvadoran government, which announced a giveaway of $30 in BTC to every citizen 14 and above who downloaded the Chivo app. The announcement was made about a month before the law went into full effect and as of September 7th, El Salvador became the first sovereign nation to accept a cryptocurrency as legal tender.

A key question remained that wether or not the citizens of the country would actually start using bitcoin as a way of buying and selling. This is because BTC is not the only legal tender in the country: the use of U.S. dollar remained in place, which the residents had already been using as the only only currency in the country.

According to a recent tweet by President Nayib Bukele, it seems that El Salvadorans are adapting to using the crypto as legal tender quite well.

Translation of President Bukele’s tweet:

“1.1 million Salvadorans already use chivowallet (and we haven’t enabled 65% of phone models yet).

It seems that we will be able to bank more people in 1 month than they did with nationalizations and privatizations of traditional banking in 40 years.”

Salvadorans Seem to Adopt BTC Just Fine

The president took to his Twitter account to announce that 1.1 million Salvadorans had already downloaded the government-backed Chivo wallet. This number translated to about 17% of the citizens who have already downloaded the wallet.

The announcement comes only 10 days after the country officially started using BTC as legal tender. The president also pointe out that that 65% of all of the smartphones in the country do not even support the wallet, yet. The number is expected to go up once the support is extended to all smartphones.

If looking at reports from mainstream media, El Salvador might not be seeing the smoothest transition to using BTC as a legal form of currency in the country but these numbers would tell a different story that its citizens are adjusting to the new normal. The $30 incentive for downloading the wallet is paid after a user registers and confirms their identity on the app.

Bitcoin Use in El Salvador

Paying with bitcoin in El Salvador is getting easier as outlets implement bitcoin payments. Big franchises like McDonald’s and Starbucks have already begun accepting bitcoin payments on “Bitcoin Day.”

Another interesting fact about using BTC in the country has to do with the number of crypto ATMs currently installed. Data shows that just behind the United States and Canada, El Salvador now ranks third in the highest number of crypto ATMs installed. The government had installed crypto ATMs across the nation to facilitate ease of use.

Source: 17% Of Salvadoreans Already Have Chivo Wallet – 10 Days After Bitcoin Day – Fintechs.fi

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Hungary Ranked Among the World’s Safest Travel Destinations for 2025
G7 Leaders Fail to Reach Consensus on Key Global Issues
×