Salvadorans living abroad More than $50 million was transferred through the Chivo wallet between January and May of this year. According to the Central Bank of El Salvador
Douglas Rodriguez, President of the Central Bank of El Salvador revealThe general economic outlook of the country on local television news programs. Frente a Frente on wednesday
The focus was on the $52 million transfer made by national digital wallet service Chivo over the first five months of the year. That represents a 3.9% increase of $118 million compared to the same period in 2021.
Chivo was launched in September 2021 as it became the first country in the world to legally adopt Bitcoin (BTC) as money. And it is reported that the launch of the app has attracted more than 2 million users in less than a month.
With low fees for BTC payments and transfers, Chivo users can transfer and pay in BTC and US dollars without commission.
President Nayib Bukele has claimed that the app will save people $400 million in annual commissions. by using conventional money transfers and payment service providers in the country
The application also leverages the Lightning Network, a Bitcoin layer-2 payment protocol that offers low-fee BTC transactions and the adoption of Bitcoin and Chivo in El Salvador. This has also contributed to the increase in Lightning Network transaction volume. with a 400% increase in payment volume inlast year
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