Chivo Bitcoin Wallet Now Has More Active Users Than Any Salvadoran Bank

Kavya  |  Sep 27, 2021

In just three weeks, approximately one-third of El Salvador's population has more active users using the Bitcoin wallet Chivo. 

As a result, the country's President announced that more people will soon be utilizing the app than have bank accounts in all local banking institutions combined.

The Chivo Bitcoin Wallet Now Has More Active Users Than Any Salvadoran bank

The smallest and most densely populated Central American country made history earlier this year when it declared it would allow Bitcoin within its borders.

The move got several contentious reactions, ranging from BTC supporters supporting it to worldwide institutions such as the IMF condemning it.

Nonetheless, El Salvador went ahead and approved bitcoin as a legal tender on September 7th.

Despite claims that there have been protests against the move, the country has acquired 700 Bitcoin a few times.

Citizens Can Receive $30 Worth Bitcoin If They Download Chivo Bitcoin Wallet

Despite rumors of protests against the move, the nation has acquired 700 Bitcoin on many occasions.

When Bitcoin was legalized, President Nayib Bukele assured people that if they downloaded the Chivo Bitcoin wallet, they would get $30 worth of the cryptocurrency.

The app's introduction was not without technological difficulties, but since the President often updates, the participation levels are already outstanding.

On Saturday, Bukele stated that 2.1 million individuals are now actively utilizing the wallet (not just downloaded). 

The total population in 2019 was 6.5 million, implying that the app is used by more than 30% of the locals.

El Salvador's Largest Bank Accepts Bitcoin As Payment

El Salvador's adoption of Bitcoin has been rocky. Nonetheless, financial institutions are already doing everything they can to comply with the legislation.

Bancoagrcola, the country's largest financial institution, is one of the first to incorporate Bitcoin-compatible technological solutions and is already modifying its infrastructure to offer Bitcoin services as a result of a collaboration with digital payments startup Flexa.

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