Chivo, El Salvador’s official Bitcoin wallet, has managed to onboard 70% of the unbanked population in El Salvador, partner says.
13600 Total views
184 Total shares
El Salvador, the first country to make Bitcoin (BTC) a legal tender, has onboarded 4 million users for its government-backed BTC wallet Chivo in partnership with digital identity provider Netki, according to an announcement.
Netki has announced that Chivo wallet onboarded over 4 million new users in 45 days using the company’s flagship Know Your Customer (KYC)/Anti-Money Laundering (AML) product, OnboardID. The platform also claimed that it had facilitated the compliant onboarding of 70% of the country’s previously unbanked population.
El Salvador passed the Bitcoin bill in June of last year and officially made Bitcoin a legal tender in September. Nayib Bukele, the president of the small Central American nation, made it clear that the goal was to offer digital banking facilities to more than 70% unbanked population in the country. To promote BTC use and ease of transactions, the government launched a national crypto wallet named Chivo and a $30 airdrop in BTC.
Major financial institutions, including the World Bank and the IMF, shared drastic forecasts while warning El Salvador of unwarranted economic consequences. However, President Bukele continued to promote Bitcoin use in the country and rebuked all the fear-mongering. After the IMF rejected $1 billion financial aid, the El Salvador government launched Bitcoin volcanic bond as Bitcoin proponent Max Keiser advised.
Earlier today, President Bukele also responded to Moody’s recent downgrading of El Salvador’s sovereign debt and said, “BREAKING: EL SALVADOR DGAF”
BREAKING: EL SALVADOR DGAF https://t.co/VuJ25PcvQL
— Nayib Bukele (@nayibbukele) January 17, 2022
Related: El Salvador’s dollar debt dives on Bitcoin bond plans
Chivo has been instrumental in making El Salvador the first country to make using Bitcoin as easy as fiat. Apart from transferring money worldwide, Chivo wallets are being used for daily transactions at restaurants, cafeterias, malls and every other retail market.
The government has also deployed hundreds of Bitcoin ATMs across the country that facilitates millions in cross-border remittance. Chivo has managed to do what banks haven’t been able to do in decades.
Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here
Owala Name Plate, Owala Customized Name Tag 24 32 40 Oz, Owala Customized Name Plate, Personalized Owala Lid Topper, Owala Accessories
$5.95 (as of January 15, 2025 19:17 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
JouiWazzho Korean Folk Game Set (Korean Traditional Play Game)- Jebi chagi, Gong-gi, Biseokchigi, Paeng-y, DDAKJI, Family Travel Games (Suits)
$10.99 (as of January 15, 2025 19:17 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Outdoor Faucet Covers for Winter Freeze Protection 4 Pack Reusable Garden Faucet Cover Socks for Various Faucet Water Spigot Pipe Hose Bib,Waterproof Insulated Anti-Freeze Covers-Reflective Velcro
$12.99 (as of January 15, 2025 19:17 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Cosy Family 7.5 ft Christmas Tree Storage Bag - Durable Heavy Duty Extra Large Artificial Xmas Holiday Tree Bag with Reinforced Handles and Dual Zippers Wide Opening - Red
$9.99 (as of January 15, 2025 19:17 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
