President of El Salvador shared big news of improvement on BTC’s adoption
More than half a million people have already registered to the Chivo Wallet and the provided infrastructure is growing every day
In a tweet thread written this week, Nayib Bukele, president of El Salvador, shared news about the implementation of Bitcoin as a legal tender in the country. The news’ topics were positive considering the President’s plan to adopt BTC as an official currency and the expectation of people’s adherence to the proposed updates in the economic sector.
First, Bukele stated that the technical faults occurring in the Chivo-Wallet (the government’s official wallet), were corrected by 95% and they were expected to be completely solved for the next few days.
Also, the President reinforced the infrastructure being provided to Salvadorans when it comes to ATMs. Besides the 51 points of Chivo working in a 100% status all around the country, he said that 200 ATM points were perfectly functional as well as those 50 which are located in the US.
The US ATMs are located in cities like Los Angeles, San Francisco, El Doral, Atlanta, Chicago, Dallas, El Paso, Houston, Laredo and McAllen. According to President Bukele, those cities' legislations allow the use of the Chivo ATMs to recharge without paying commissions.
Another improvement was the change in the minimum amount of Bitcoin to do a transaction: the previous minimum of $5 worth of BTC is now $0.01.
More than half a million users
President Nayib Bukele also celebrated that currently the Chivo Wallet has more than 500,000 users across the country.
The success may be a consequence of the infrastructure provided and the amount of companies that are allowing payments with Bitcoin. Some of the big ones that already take BTC in El Salvador are McDonald’s, Starbucks, Wendy’s, Dollar City, China Wok, and Pizza Hut.
President Bukele also included more companies that are adhering to Bitcoin now such as Super Selectos, Dollar City, Pollo Campero, Don Pollo, Wendy’s, Farmacias San Nicolás and even a local bank, Banco Cuscatlán.
El Salvador’s quick increase in Bitcoin’s adoption can also be attributed to the blockchain technology involved: the Lightning Network provides a faster and cheaper transaction with Bitcoins and is changing the game in the country.
With all the advances, the world is watching El Salvador’s development with curiosity and hopes for a change as they take an unprecedented step to the country’s economy and technology innovation.