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Wednesday, August 10, 2022

El Salvador Has Relaunched Its Chivo Wallet

The first country in the world to adopt Bitcoin as legal tender, El Salvador, has decided to relaunch its in-house Chivo wallet. The relaunch was mostly because of addressing the existing challenges to BTC transfers locally. With the integration of AlphaPoint, the updated wallet of Chivo would be expected to move through instantaneous low-free transactions of Bitcoin- all the while fixing most of the concerns that have been related to scalability and stability. 

El Salvador Has Brought Its Chivo Wallet Again

Within the first month of El Salvador accepting Bitcoin as legal tender, President Nayib Bukele went on to announce that the Chivo wallet had close to 2.1 million Salvadorans on board the idea, which throughout the year would see close to 75% of the entire population. However, the mass proposal for adoption did go through numerous roadblocks- which included missing funds and system issues.

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Therefore, in the hopes of finding out a proper solution for over 4 million users of Bitcoin, the government of the country went on to partner with AlphaPoint- a white label infrastructure provider, which would focus heavily on the stability of the Chivo Wallet, and scalability- along with the social impact of it. 

According to the official statement laid bare, the Chivo wallet appropriated by the government of El Salvador does have all the intentions of expanding its current consumers’ faced use cases to other day-to-day transactions. This would include paying off home utilities, taxes, and a few other daily transactions.

As reported by Cointelegraph, Monica Taher, the Director of Technology and Economy International Affairs for El Salvador, recently hosted a Facebook Live event in order to share the agenda of pushing for low-interest BTC loans to most of the small and micro-businesses.

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