Cryptocurrency is now gaining much traction these days. People from all over the world have been showing interest in staying abreast with altcoin news on the top crypto sites like Cryptoknowmics. By this, they get all the ongoing price updates of all altcoins including ETH, LTC, BCH, and so on. Bitcoin, the top cryptocurrency, is also gaining importance in El Salvador.
According to a recent crypto news report, Salvadoran President Nayib Bukele has stated about the government holding around 700 BTCs. Bitcoin has been in news for its acceptance as legal tender along with the United States dollar. Let us know further about the matter.
150 new BTCs purchased by El Salvador
Nayib Bukele, the president of El Salvador made an announcement in which he stated about the purchase of 150 more new bitcoins by the Salvadoran government. The Bitcoin legal tender law came into effect on 7th September. According to this law, Bitcoin cryptocurrency got the status of legal tender with the fiat money United States dollar. The Salvadoran President even wrote a tweet in which he confirmed the purchase of dip with new 150 BTCs.
At present around 700 bitcoins are held by the Central American country. Bukele also added some advice saying that with the purchase of dips, one cannot be beaten. His announcement came at the time when Bitcoin hit $45,000. But according to crypto site data, it was followed by a drop at $43, 326.
El Salvador: Third country after the U.S and Canada with maximum crypto ATMs
Purchasing of Bitcoin by the El Salvadoran government began on 6th September post-Bitcoin legal tender law implementation. On 7th September the President of El Salvador Bukele had declared the purchase of more than 500 bitcoins (around 550). According to a crypto ATM tracking site, El Salvador comprises around 205 ATM placements.
In that way, it becomes the third country with the maximum number of crypto ATMs after the United States and Canada. But there are also reports about the planning of investigation of BTC ATM buying and construction of Chivo kiosk by the Salvadoran government by the Court of Accounts (El Salvador).
Chivo wallet
The release of the Chivo wallet, the BTC wallet introduced by the Salvadoran government, had a slow beginning. On 16th September, President Nayib Bukele claimed the 100% functioning of the Chivo app. Now if we go by the reports, the further maximum use of this application can pose a threat for the remittance providers like Moneygram with an annual loss of around $400 million.
Salvador President Nayib Bukele made a tweet about the use of Chivo wallet by 1.1 million people in El Salvador. He also mentioned that till yet, the government has not enabled sixty-five percent of phone models yet. According to him, now it will be possible to bank more citizens of El Salvador in one month, in comparison to what has been practiced with the privatization of regular banks in forty years.
More about Chivo wallet
Chivo wallet can be defined as an official crypto-fiat (BTC & USD) wallet of El Salvador. Salvadorans can make the best use of it for sending and getting the BTCs and USD. Besides this, one can also choose to exchange Bitcoin for the United States dollar, or on the flip side. And that too with no commission.
Adding a point related to Salvadoran crypto wallet Chivo, it is well-suited with other on-chain Bitcoin and Lightning wallets. Chivo gets linked with the banking structure of El Salvador regarding withdrawing or depositing dollars from the platform. There is another advantage of the Chivo wallet, which is it gets connected with Chivo ATMs to withdraw and deposit dollars in cash. Also, its company version brings its use for payment of taxes simply and fast, plus terminals for employees, and also for a charge.
Briefing the advantages of Chivo wallet
By using Chivo wallet, the user would be getting the benefit of $30 in Bitcoin
No consumption of credit
Sending and receiving can be done without commissions
Storage purchase
Simple registration
Dollars can be withdrawn as per one’s wish
A user can manage his currency either Bitcoin or the United States dollar
Chivo app can be downloaded from Android-supported mobile devices from the official store directly. It is also compatible with iOS and Huawei.
Final words
So this is what we have covered about El Salvador's growing interest in Bitcoin cryptocurrency. The president of this Central American country Nayib Bukele has himself confirmed the holding of 700 BTCs by the Salvadoran government. After the United States and Canada, El Salvador comes third in having the maximum number of crypto ATMs.
Besides covering the matter of El Salvador buying more BTCs, we also highlighted the crypto-fiat wallet of the latter country Chivo with the given advantages above. To explore more about the cryptocurrency wallets or the process of GDAX to Binance transfer, log on to the Cryptoknowmics. It is one of the best tradingview indicators sites.