Since Tuesday, September 7, the main cryptocurrency on the market, Bitcoin was recognized and adopted as legal tender in The Savior. From the government of President Nayib Bukele they had been working in a wallet which facilitates the use of BTC in citizens. After its launch this week and called, Chivo Wallet became the app number 1 finance store download Apple, with only eight hours since it was included in the App Store.
The president, Nayib Bukele, shared the news through his Twitter account. “Finance application number 1 on the App Store, in just 8 hours ”. The president of El Salvador published.
Number 1 finance app in the @AppStore:@chivowallet
In just 8 hours!#BitcoinDay #BTC🇸🇻 pic.twitter.com/pJpmpEr7ZS
– Nayib Bukele 🇸🇻 (@nayibbukele) September 8, 2021
Chivo Wallet is the official Bitcoin and dollar wallet of the Government of The Savior, which allows to send and receive Bitcoin and / or dollar between Salvadorans without commission, in the same way it allows users to exchange Bitcoin for dollar or vice versa without commission. Additionally Chivo is compatible with other Bitcoin on-chain wallets and Lightning.
This wallet connects with the banking system of El Salvador to deposit or withdraw dollars from the platform, and with a network of Chivo ATMs to deposit and withdraw dollars in cash. Chivo has a company version that allows you to collect, assign collection terminals for employees, and pay taxes quickly and easily. Registered members can make unlimited payments, including conversions, for free. No additional fees or transaction fees are imposed.
Also, people can pay their payments online, including bills, through the channel. The reason for developing this separate platform is to increase the monitoring system. And offer a secure system in which the tax system can be easily managed without third party verification.
Since the Government announced about the creation of the Chivo Wallet application, Salvadorans have been waiting to download it and obtain their virtual wallet.
Chivo Wallet is now partially available
The President of the Republic, Nayib Bukele, announced on Tuesday night, September 7, that the Chivo Wallet application is already available on Android’s Google Play, however, he explained that at the moment it is only for some smartphone models, and that little by little it will be made available to other models.
“@Chivowallet is now available on @GooglePlay, for all 156 LG smartphone models. We go in parts so as not to saturate the servers with so many registrations at the same time. We still fine-tune small details. Many more models will be available very soon ”. The president indicated.
It is now available @chivowallet on @GooglePlay, for the 156 LG smartphone models.
We are going in parts is not to saturate the servers with so many registrations at the same time.
We still fine-tune small details.
Many more models will be available very soon.
– Nayib Bukele 🇸🇻 (@nayibbukele) September 8, 2021
The president reiterated that little by little it will be opened for other models, with the aim of not saturating the servers.
«Little by little we will open all the models. Opening Google Play in parts is the only way not to try to sign up 1 million at the same time », added the president.
Bitcoin law in El Salvador
As mentioned above, as of this September 7, bitcoin has officially become a legal currency in El Salvador, and the Government has provided a wide variety of resources to provide information to the population and access to ATMs so that they can carry out the transactions they need.
In addition, the development of the application «Chivo Wallet», Salvadorans will be able to receive a bonus of USD 30 in bitcoin and encourage them to make use of the cryptocurrency, as part of entering a new digital era.
In contrast, after the Bitcoin law came into force in the country, a mobilization of people protested burning tires and setting off fireworks in front of the Supreme Court building, rejecting the use of cryptocurrency in the country.
“This is a currency that will not work for pupusa vendors, bus drivers or merchants. This is an ideal currency for large investors who want to speculate with their economic resources ”. Said a resident of San Salvador who opposed the adoption of the cryptocurrency. Pupusas are a traditional Salvadoran corn-based food according to local media.
The truth is that Salvadoran companies and businesses are obliged, as far as possible, to accept controversial digital currencies as a form of payment.
The acceptance of the new currency comes three months after the Legislative Assembly approved in express format the so-called Bitcoin Law, which came forward thanks to the vote in favor of 62 of the 84 deputies that make up the Parliament, with an official majority.
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