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The President of El Salvador stated: The digital wallet “Chivo” now has more users than any Salvadoran bank

The President of El Salvador stated: The digital wallet “Chivo” now has more users than any Salvadoran bank

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Answer The President of El Salvador stated: The digital wallet “Chivo” now has more users than any Salvadoran bank

Within just three weeks of the adoption of bitcoin as an official currency in El Salvador, nearly a third of El Salvador’s population started using the “Chivo” bitcoin digital wallet.

As such, the head of state updated his statements and told that soon more people will be using the digital wallet app than those with bank accounts at all local banking institutions combined.

The smallest and most populous country in Central America made history earlier this year when it announced that it would officially legalize bitcoin within its borders.

This move received many controversial conclusions. On the one hand, Bitcoin supporters praised this decision, while some international organizations such as the International Monetary Fund criticized the move.

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Despite intimidation from the International Monetary Fund, El Salvador has already legalized and voted for Bitcoin to be legal tender, which became officially enforced on September 7.

Although some reports indicate that many protesters have come out against the decision, the government of El Salvador has bought 700 bitcoins on numerous occasions.

When legalizing bitcoin, President Najib Bukele promised locals that they could get $30 worth of bitcoin if they downloaded a bitcoin wallet called Chivo.

The launch of the app did not go without technical issues, but with the President updating frequently, the levels of interaction were already impressive.

Bukele noted on Saturday that 2.1 million people are already actively using the Chivo digital wallet (not just downloading).

As of 2019, the total population of El Salvador was 6.5 million which means that more than 30% of the local population is using the app.

Bukele said:

Despite this relatively short three-week period, the wallet has more users than any bank in El Salvador and is moving quickly to get more users than all banks in El Salvador combined.

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