El Salvador’s president: population actively uses Chivo wallet to convert dollars into bitcoin

On 15 October, the Salvadoran bitcoin wallet Chivo recorded 24,076 remittances totaling $3,069,761. This was reported by the country’s president Nayib Bukele.

2 new Chivo Facts:

1. People are inserting way more USD (to buy #BTC) than what they are withdrawing from the Chivo ATMs (any media outlet can independently confirm this by visiting the ATMs).

2. Today, we received 24,076 remittances, adding up to $3,069,761.05 (in one day).

— Nayib Bukele 🇸🇻 (@nayibbukele) October 16, 2021

According to Bukele, people deposit far more US dollars into Chivo than they withdraw.

By the time the bitcoin legalization law came into force in El Salvador they installed 200 ATMs with the option to convert the first cryptocurrency into dollars and back.

The authorities also distributed $30 in digital gold to residents. A week after legalization the registration of new users in Chivo was suspended due to technical problems.

On 15 September, protesters against the legalization of the first cryptocurrency in El Salvador burned a Chivo bitcoin ATM.

Earlier in the month, Bukele said that 2.1 million residents were ‘actively using’ the cryptocurrency wallet.

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