One week after the adoption of the Bitcoin as legal tender in The Savior, the Central American country, has exceeded half a million registered users in the wallet Chivo to carry out transactions in BTC, and opened ATMs in nine cities of the USA, as announced by the president, Nayib Bukele.
It should be remembered that on September 7, El Salvador officially became the first country to adopt the currency digital Bitcoin (BTC), as legal tender, with the entry into force of the Bitcoin Law. The national government presented different initiatives that facilitate the operation of the cryptomoney among citizens, such as the Chivo digital wallet.
The president of the nation of the Salvadoran country, Nayib Bukele, stated that: “We currently have more than half a million users (of the Chivo wallet)”, Through a publication on his Twitter account, after the new regulations came into force, which seeks to recover the stagnant economy, dollarized twenty years ago in the Central American country.
Also, he communicated that the Chivo system Wallet, enabled 50 ATMs in nine cities in the United States, including San Francisco, El Doral, Atlanta, Chicago, Dallas, El Paso, Houston, Laredo and McAllen, among others, where the regulation allows it.
One of the key points that El Salvador seeks with this cryptocurrency strategy is that it serves to boost and lower costs for Salvadoran citizens residing in the United States, in the area of ​​remittances. Sending money from abroad is equivalent to 22% of GDP, making it an important engine of the Salvadoran economy.
In this sense, the president hopes that with the use of cryptocurrency, it can contribute to the banking of the population and allow the capture of more than 400 million dollars in remittance commissions, which the citizens of Salvador send through financial entities from abroad.
According to ECLAC data, some 2.8 million people, that is, 90% of the total migration of the Central American country resides in the United States.
“In the United States we have Chivo ATMs (which you can use to recharge without paying commissions) where local legislation allows it,” the president reported.
App Chivo
The Chivo Wallet is an electronic wallet that allows local and foreign Salvadorans to send, receive and store bitcoin and dollars. The wallet can be downloaded to the cell phone and gives users the possibility to make immediate conversions between BTC and dollar.
Registered users who pass the Chivo Wallet identification and security verification process receive an equivalent of $ 30 in available BTC, for consumption in goods and services. The app was progressively being enabled by cell phone models.
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 “Puntos Chivos”, physical entities, where users can carry out transactions and also receive training on the use of cryptocurrency.
In addition, he detailed that the technical errors of the digital wallet have been corrected up to 95%, ensuring that they are waiting to be corrected by 100% in the coming days.
The head of state, also expanded, that Salvadorans in all parts of the world, as of Tuesday, will be able to recharge the balance of the Chivo Wallet wallet, with any debit or credit card and gift card, without paying commissions. He also added that the minimum amount of transactions has been modified, going from a minimum of $ 5 to a minimum of $ 0.01 in the cryptocurrency.
The president also highlighted the presence of new businesses that are joining the use of the Chivo Wallet wallet and other apps, and the acceptance of bitcoin or dollars as a payment method, such as Wendy’s, Pizza Hut and McDonald’s, in addition, he left in Of course, with the new Bitcoin Law, all businesses must accept transactions in digital currency, however, the business owner has the option to choose that the final income falls in dollars or in cryptocurrency.
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