Becoming the first ever country in the world to adopt Bitcoin(BTC) as it’s legal tender, El Salvadors’ president, Bukele has tweeted that one third of his citizens have switched to the crypto usage movement in the country.
As we can recall, some weeks ago, the country experienced a mass protest from a section of her citizen and opposition side on the government backed Bitcoin and Cryptocurrency plan which she passed into law to become a legal tender and source of payment for goods and services in her country.
This statement was revealed to the public through the country’s president’s tweet. “2.1 million Salvadorans are ACTIVELY USING @chivowallet (not downloads).
Chivo is not a bank, but in less than 3 weeks, it now has more users than any bank in El Salvador and is moving fast to have more users that ALL BANKS IN EL SALVADOR combined,” He made us aware that the app which transactions shall be carried on has overtaken the banks in the country as it currently claims one third of the country’s population in just 3weeks.
El Salvador is said to be in a total number of 700 BTC as of now. Taking advantage of the market dips and buying as much as they can while bitcoin suffers a bearish movement. It might also interest us to know that every of her citizen whom are Banked before now, got a $30 worth of bitcoin into their wallets for free as soon as they sign up into their Various wallets
The government did set up its own Recognizable Exchange app(CHIVO) on which trades can be done easily by its citizens and users of the Crypto Exchange app. The president is strongly confident that this app will change a whole lot of things and will become widely accepted despite so much backlash and rejection from opposition sides.
