El Salvador receives over half a million Bitcoin wallet users, says president

The number of consumers using the Bitcoin wallet Chivo in El Salvador has increased to more than half a million around a week after the country made Bitcoin legal tender. The Chivo wallet is an electronic application which Salvadorans can download and achieve a bonus of $30 in Bitcoin. This is an inducement by the government to motivate the citizens to adopt crypto usage.

After the adoption of Bitcoin as legal tender on September 7^th, the country has been in news. The crypto also crashed to $42,000 on its launch day in the country. Nayib Bukele president of El Salvador declared that over half million people in the country are using Chivo, while the population of El Salvador is 6.6 million. Bukele also stated that the technical issues happened during the rolling out of Bitcoin was solved and the software would be entirely functional in the future days.

He is quite positive about saving millions of dollars in paying commissions on remittances which is a total 20 percent of the country’s GDP. He is also hoping that the present Bitcoin’s adoption as legal tender would give many Salvadorans first time-access to banking services. Nonetheless, experts and regulators in the country are aware of Bitcoin’s volatility.