El Salvador will release its BTC wallet as early as September 7

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

ukele

has revealed the launch date of the country’s official BTC wallet

, 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.

The country will also install 200 bitomats and prepare bank branches to handle crypto transactions. Bukele also mentioned that in-app transactions

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.

Reactions to El Salvador’s BTC law have varied. It even seems that most were negative. Bank of America has stated that there are some pros to such a move, but JPMorgan Chase sees

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.

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