A week ago, The Savior became the first country to use bitcoins as legal tender. Although at the beginning there were problems, this Tuesday it exceeded the 500,000 Chivo wallet users, which allows transactions in that cryptomoney, and ATMs were opened in nine cities of USA.
“We currently have more than half a million users (of the Chivo wallet),” wrote the President Here’s to watching on Twitter, a week after the new regulations came into force that seek to recover the stagnant economy, dollarized 20 years ago, Telam reported.
The «Chivo Wallet» is an electronic wallet that Salvadorans, inside and outside the country, can download on their cell phone to carry out transactions in this cryptocurrency. Those who install it receive the equivalent of $ 30 in bitcoin to start operating. In addition to the 20 ATMs installed in the country, 50 were enabled in nine US cities.
In San Francisco, El Doral, Atlanta, Chicago, Dallas, El Paso, Houston, Laredo and McAllen, more Chivo ATMs were set up. Bukele explained that “the technical errors” of the ‘Chivo Wallet’ are corrected “by 95%” and promised that in the next few days it will be fully operational.
At the local level, according to the president, “every day more businesses are added that accept payments in bitcoin or dollars, using other apps and also the Chivo Wallet.” “And remember that its use is optional,” Bukele wrote on Twitter. According to Salvadoran law, all businesses must have the technology to accept bitcoin transactions.
However, the business owner can choose between keeping the cryptocurrency or activating the option so that the final income falls in dollars. The Government hopes that the use of bitcoin will contribute to the banking of the population and capture the more than 400 million dollars in commissions for remittances that Salvadorans send from abroad through financial entities.
Sending money from abroad is an important engine of the Salvadoran economy, equivalent to 22% of GDP. Some 3 million Salvadorans live outside their territory, 2.5 million of them in the United States.