Millions join El Salvador's government-backed Bitcoin wallet 'Chivo'

Millions of unbanked people have joined El Salvador and Netki's government-backed Bitcoin wallet called Chivo. The future is here.

@JakConnorTT
Published Wed, Jan 19 2022 1:33 AM CST   |   Updated Tue, Feb 15 2022 4:21 AM CST

In September 2021, El Salvador announced that Bitcoin (BTC) and the US dollar were now recognized as legal tender throughout the nation, marking the very first county to accept BTC as a legal currency.

Millions join El Salvador's government-backed Bitcoin wallet 'Chivo' 01 | TweakTown.com

Since the adoption of Bitcoin, El Salvador has been purchasing large swaths of Bitcoin and making announcements of its purchases. A goal of adopting Bitcoin was to offer digital banking to millions of individuals in El Salvador that are unbanked or don't currently hold a bank account. El Salvador's government partnered with digital identity provider Netki to create the BTC wallet Chivo that has now onboarded more than 4 million new users, according to a recent announcement.

As an incentive for people to start using Bitcoin as a currency, the government rolled out a $30 airdrop in BTC to anyone using the Chivo wallet. The announcement claims that the rollout of the new BTC wallet has onboarded 70% of the previously unbanked population throughout El Salvador, and now BTC is being used regularly to pay for meals at restaurants, shopping, and retail stores. If you are interested in reading more about this story, check out this link here.

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NEWS SOURCE:cointelegraph.com

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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