Salvadoran President Nayib Bukele announced on Twitter that the Chivo bitcoin wallet
will be launched on September 7. He also added that the use of BTC will not be mandatory. Sponsored Sponsored
Salvadoran President Nayib B
, Chivo. Bukele tweeted on August 23 that the country will release the wallet on September 7 and that the use of BTC is not mandatory.
will be free. The savings from this could be as much as $400 million per year. Sponsored Sponsored
The president announced
Chivo Wallet in June, claiming that citizens will receive $30 in BTC when they first sign up. Chivo is intended to serve as an everyday wallet, much like a mobile payment system app. In the announcement, Bukele also showed some screenshots of the app.
The introduction of bitomat is a new move by the government, which is keen to build the necessary infrastructure. The country is also planning to use its active volcanoes
to mine BTC, although no updates on this have been provided for some time.
a number of problems. The provision is still under scrutiny.
El Salvador’s decision faces criticism
Members of opposition parties and others challenged the law soon after parliament passed the new provision. It made bitcoin legal tender in the country. Some argued that the decision was made too hastily, without thinking through the consequences. For example, El Salvador’s minister of labor and social welfare said that BTC’s volatility
made it not a very good option for paying salaries.
Global authorities and business firms have also shown concern. International Fu
The IMF believes that the decision will raise legal and macroeconomic issues. FATF, on the other hand, is concerned about money laundering issues. Fitch Ratings also said that the adoption of Bitcoin in El Salvador could cause credit problems for insurers.
As for the citizens themselves, a survey conducted in July revealed that 54% of the population disagrees with the law. Overall, less than 20% completely supported the plan. Almost 50% stated that they know nothing about BTC.
All information contained on our website is published in good faith and for general information purposes only. Any action taken by the reader in relation to the information on our website is solely at their own risk.