El Salvador has announced that it will release an official digital wallet for BTC and other currencies, according to a local media report published on June 24. The effort follows the approval of bitcoin as legal tender in the country, which brought much attention to the South American nation. The new digital wallet is called Chivo, and it will form the basis for everyday use of the currency.
The government would give $30 worth of BTC after users download the app.
President Nayib Bukele, who led the effort to authorize bitcoin as legal tender, said that the government would give $30 worth of BTC after users download the app during a conference. In his statement, he also touted the benefits of using bitcoin, such as remittances that can be made at any time of the day and disintermediation. Chivo will be available on both Android and iOS. The digital wallet will also be compatible with other digital wallets on the market. It will be released later this year, with the bitcoin law coming into effect on Sept. 7.
El Salvador is keen on moving forward with its bitcoin legalization with or without global regulators’ help.
The unveiling of the official digital wallet Chivo clearly indicates that the South American country is very keen on moving forward with its bitcoin legalization. Earlier, El Salvador received criticism from global regulators for its decision to authorize bitcoin as legal tender. World Bank refused to help El Salvador transition to bitcoin. However, it did not affect El Salvador’s efforts. The South American country is going ahead with the transition without global regulators’ help. As reported earlier, Paraguay has also announced to follow El Salvador’s lead and introduce a bill seeking to make bitcoin a legal tender.