Digital Assets: President Bukele Says More Than Two Million Salvadorans Using Chivo Crypto Wallet

September 27, 2021 | Digital Assets, News
https://dailyalts.com/wp-content/uploads/2021/09/el-salvador-114022_640.jpg

Chivo is the crypto wallet issued by the government of El Salvador to drive bitcoin adoption in the country.

El Salvador’s President Nayib Bukele has proudly announced that over two million of his countrymen were using Chivo, the government-backed cryptocurrency wallet introduced when the bitcoin became legal tender in the central American nation. (Gadgets 360)

The young, crypto-friendly President went to town with the news on his Twitter account which has about three million followers:

“2.1 million Salvadorans are ACTIVELY USING @chivowallet (not downloads).

Chivo is not a bank, but in less than 3 weeks, it now has more users than any bank in El Salvador and is moving fast to have more users than ALL BANKS IN EL SALVADOR combined.

This is wild!#Bitcoin”

— Nayib Bukele (@nayibbukele) September 25, 2021

Remittance fee savings

Though Chivo (meaning “cool”) suffered teething troubles at the time of its launch, as well as protests at many places in the country, these issues seem to be receding into the background.

It is the President’s favorite justification for bitcoin that the citizens will save millions of dollars in fees on inward remittances from Salvadorans working abroad.

MicroStrategy CEO, Michael Saylor responded to Bukele’s above tweet.

#Bitcoin is hope for the people of #ElSalvador.

— Michael Saylor (@michael_saylor) September 25, 2021

China takes a different path

Across the world, however, China took a very hard line against cryptocurrencies and their mining.

Last week, regulators in China came together to impose a blanket ban on all crypto transactions including mining.

For the first time, as many as ten regulatory agencies, including the PBoC, securities, financial, and foreign exchange, joined hands in a concerted move to stamp out illegal crypto activity.

The authorities also issued a nationwide ban on cryptocurrency mining and said in a statement that they would coordinate to punish illegal crypto mining to prevent “hidden risks” and to enable China to achieve its climate goals.

Related Story: China Bans Cryptocurrency Transactions

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2023/12/AMD_headquarters_santa_clara.624da707519a6.jpg
Artificial Intelligence: AMD Takes On Rivals In The AI Chip Sweepstakes
December 7, 2023     Artificial Intelligence, News

Chipmaker AMD (NASDAQ: AMD) has unveiled a range of innovative AI solutions spanning from data centers to personal computers. The AMD Instinct MI300 Series features data center AI accelerators, while…

https://dailyalts.com/wp-content/uploads/2023/12/RHCEU-Inline.jpg
Digital Assets: Robinhood Debuts Crypto Trading On Its App In The EU
December 7, 2023     Digital Assets, FinTech, News

Robinhood (NASDAQ: HOOD) has launched its Crypto app in the European Union (EU), allowing eligible customers to engage in crypto trading with the added incentive of earning Bitcoin rewards. Customers…

https://dailyalts.com/wp-content/uploads/2023/12/Samsung_UK_Samsung_Pay_Lifestyle_0552-revised-Pictogram-23.11.30-1024x744-1.png
FinTech: Samsung Electronics Ties With Mastercard’s Wallet Express
December 7, 2023     FinTech, News

Samsung Electronics (KRX: 005930) and Mastercard (NYSE: MA) have partnered to launch the Wallet Express program, offering banks and card issuers a cost-effective way to expand digital wallet offerings. Through…

https://dailyalts.com/wp-content/uploads/2023/12/Revaia-founders.jpg
Venture Capital: Revaia, Europe’s Biggest Female-Led VC Firm, Racks Up $160M For Second Fund
December 7, 2023     ESG and Sustainability, News, Venture Capital

Revaia, Europe’s largest female-founded venture capital firm, has successfully raised €150 million ($160 million) for its second fund, Revaia Growth II. The funding was secured from sovereign wealth funds, family…