El Salvador Bitcoin Wallet Has More Users Than Any Local Banks

English Sep 28, 2021

In a three-week period, about a third of El Salvador's population quickly joined the local government-sponsored Chivo Bitcoin wallet.

The country's president updated that, soon, more people will use the app than bank accounts, considering all the accounts of local financial institutions together.

The Central America's smallest and most populous country has been making history since earlier this year it announced it would legalize Bitcoin within its borders.

The initiative has received a lot of controversial criticism, from Bitcoin proponents praising it to global organizations like the IMF, fiercely criticizing the decision. Still, on September 7, El Salvador made Bitcoin legal tender.

With the legalization of Bitcoin, locals who received US$30 of the asset as incentives to download their Chivo wallet and start using cryptocurrency.


Morel Hernandes

Writer passionate about politics, economics, blockchain and crypto-currencies.