One in every four El Salvadorians now uses cryptocurrency in their daily life, just three weeks following the adoption of Ley Bitcoin. The information was provided by the country’s president, Nayib Bukele, in a tweet posted on Monday.
Around 1.6 million people have already downloaded the official Chivo wallet, according to Bukele. This figure amounts to 25% of the country’s 6.4 million residents.
This suggests that BTC use in El Salvador is expanding at a rapid pace. Every day, over 94 thousand new people sign up for it. As of September 17, over 1.1 million Salvadorans have opened accounts with Chivo.
The Chivo wallet functions similarly to a bank programme, allowing you to send, receive, and save BTC and USD. In fewer than 20 days, the application increased the rates of people who banked in El Salvador, which has one of the lowest rates in the world.
Prior to the implementation of the Ley Bitcoin, just 25% of the working population in El Salvador had a bank account. The software, however, altered that scenario. Another fourth of the population now has access to hard currency as well as quick and inexpensive banking services.
Nonetheless, the adoption of Bitcoin is not entirely peaceful. Part of the people continues to criticise the use of bitcoin, as well as President Bukele. In the capital, San Salvador, a Bitcoin ATM was set on fire.