TL;DR Breakdown
- 500,000 people register on El Salvador Chivo wallet app.
- El Salvador sees rise in Bitcoin adoption after Bitcoin law.
El Salvador state-owned native Chivo Wallet app has seen over 500,000 registration in just one week despite being an optional choice for residents.
This was contained in an update released by President Nayib Bukele on Tuesday regarding progress made so far with the Bitcoin law and facilitating crypto usage in the country.
Aside Chivo wallet, updates regarding Bitcoin law in El Salvador
President Bukele revealed that there are 200 Chivo bitcoin ATMs up and running in the country and 50 machines installed in the U.S., which allow users to top up their app balance with zero commission fees.
In the tweet, the president said further that users can now fund their wallets with any credit, debit, or gift card from anywhere in the world without paying commission fees. Salvadorians can now also transfer as little as $0.01 in Bitcoin rather than the $5 minimum transfer before now.
However, currently, new users cannot register to the state-owned Bitcoin and dollar account owing to technical issues, Bukele stated.
He stated, however, that 95 percent of Chivo Wallet’s technical difficulties have already been fixed.
Crypto adoption in El Salvador continues to surge after Bitcoin law
Just one week after the Bitcoin law comes into effect in El Salvador, adoption numbers show big interest from merchants and citizens to use the new medium of exchange.
The surge in demand is also evident from the high number (over 500,000) who have registered on the Chivo Wallet app. Chain stores and other mainstream firms have also fallen in line to begin accepting Bitcoin payments. Some of them include McDonald’s, Starbucks, Wendy’s, Dollar City, China Wok, and Pizza Hut.
Banco Cuscatalan, a local bank in the country, has also integrated Bitcoin with its services.
Satoshi Nakamoto’s vision of developing a genuinely peer-to-peer digital form of cash has started to become a reality and materialize with Bitcoin adoption in El Salvador.
