Bitcoin market in El Salvador reaches 30% population
El Salvador’s President Nayib Bukele announced on the 26th that over 2.1 million of the country’s population are actively using the ‘Chivo’ Bitcoin wallet.
“Chivo is not a bank, but in less than 3 weeks, it now has more users than any bank in El Salvador and is moving fast to have more users that ALL BANKS IN EL SALVADOR combined”, Bukele wrote on Twitter.
He added that the figure does not represent the number of downloads, rather it is the number of users who are actively using the app.
As of 2019 estimates, El Salvador has a population of about 6.5 million, and now over one-third of its population is using the wallet app.
In El Salvador, 200 Bitcoin ATMs were installed nationwide, and 51 information centers on Bitcoin usage were established as part of the new Bitcoin Law. According to Coin ATM Radar, the United States (over 24,000) and Canada (over 1,900) have the largest number of Bitcoin ATMs in the world, followed by El Salvador.
According to local media Diario El Salvador, users need their identity verification documents and a mobile number to register for the wallet app. They need to enter their birthdate, verification ID, and a profile picture to avail the wallet. The app also has a face recognition feature.
As an incentive to download the app and increase its user case, the government has offered $30 worth of Bitcoin to anyone who downloads Chivo.
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