El Salvador is the first country to accept Bitcoin as a legal tender and now relaunched its in-house Chivo wallet to address the existing challenge of transferring Bitcoins locally.
This decision is taken by the government of El Salvador after considering the permanent solution of Bitcoin users which are over 4 million in the country. Soon after establishing Bitcoin as a legal tender the president of El Salvador, Nayib Bukele asked the Government of the country to lead its focus on the stability and scalability of the Chivo wallet.
From reports, it has also been finding out that the country is planning to deploy about 1500 Bitcoin ATMs in the nation. Soon after adopting Bitcoin as a legal tender, various issues have made their impact on the economy of the country. However, the IMF has already warned the country of becoming an outcast in the world economic order.
El Salvour plans to make Bitcoin a legal tender
The country does not listen to anyone and continues its process to make Bitcoin a legal tender. Moreover, the country is to relaunch its in-house Chivo wallet to address the challenges present in the country for transferring Bitcoin locally. The country also has partnered with the updated Chivo wallet, AlphaPoint integration which is expected to carry out low fee Bitcoin transactions and be able to fix the concerns related to scalability and stability.
President plans to deploy more than 1500 Bitcoin ATMs
Bitcoin ATMs are on their way to El Salvado @nayibbukele pic.twitter.com/HAzFVCo9nk
— SunWhale Ventures (@TCX1000BTC) June 21, 2021
According to the official statement, Chivo wants to expand its consumer-faced use cases. It desires to simplify the payment of taxes, home utilities, and various other transactions involved in Bitcoin. To simplify the payment methods has also planned by President to launch more than 1500 Bitcoin ATMs across the country to serve the Bitcoin users of El Salvador.
The co-founder and CEO of AlphaPoint, Igor Telyatnikov stated that:
“El Salvador and President Bukele are truly leading globally with this first major experiment in Bitcoin adoption at a countrywide level. We are honored to be involved in the process and provide the scalable and reliable solutions needed for this massive undertaking.”