El Salvador relaunches the Chivo wallet

The government of El Salvador announced the integration of AlphaPoint’s solution into the Chivo digital wallet and plans to deploy 1,500 crypto ATMs.

According to Decrypt, the New York-based startup has since December 2021 improved the app’s user interface, fixed bugs and added enhanced support Lightning Network.

Chivo is used by 4 million Salvadorans, including 70% of the country’s population who did not have bank accounts.

Authorities intend to broaden the wallet’s use cases, with plans to add the ability to pay utilities and taxes.

In January, ForkLog reported that the Salvadoran government was considering loans backed by bitcoin.

On 7 September 2021, the law recognizing Bitcoin as legal tender in El Salvador came into force. The government’s decision was criticised by economists, including IMF.

Earlier, President Nayib Bukele acknowledged technical problems with the rollout of Chivo. The complaints largely concerned the accrual of and receipt of $30 in Bitcoin, which the government paid for registering in the app.

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