El Salvador’s Chivo wallet partners with Netki digital identity provider and onboarded 4 million users after the partnership so let’s read more in our latest Bitcoin news.
Chivo managed to get 70% of the unbanked population in the country. El Salvador is the first country that made BTC a legal tender and now its Chivo wallet partners with Netki to onboard 4 million users. Netki announced that Chivo wallet onboarded 4 million new users in about a month using the Know Your Customer and Anti-Money Laundering product OnboardID. The platform also claimed that it facilitated the compliant onboarding of 70% of the country’s unbanked population.
BREAKING: EL SALVADOR DGAF https://t.co/VuJ25PcvQL
— Nayib Bukele 🇸🇻 (@nayibbukele) January 17, 2022
El Salvador passed the BTC bill last year and made bitcoin an official legal tender in the country. President Nayib Bukele made it clear that the goal is to start offering digital banking facilities to more than 70% of the unbanked population in the country and to promote BTC use and ease of tranactions, the government launched a crypto wallet named Chivo as well as $30 airdrop in BTC. Major financial institutions like the World Bank and the IMF shared forecasts that warn the country of the unwarranted economic consequences. However, the president continued promoting Bitcoin’s use in the country and rebuked the fear-mongering. After the IMF rejected $1 billion financial aid, the government launched BTC volcanic bonds as Max Keiser advised.
Also, President Bukele responded to Moody’s recent downgrading of El Salvador’s sovereign debt and replied “BREAKING: EL SALVADOR DGAF.” Chivo has been quite instrumental in making El Salvador the first country to make using BTC as easy as fiat currencies. Apart from transferring money worldwide, Chivo wallets are being used for daily transactions at cafeterias, malls, restaurants, and retail markets. The government deployed hundreds of BTC ATMs across the country that makes millions in cross-border remittance. Chivo however managed to do what banks were not able to do in decades.
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As recently reported, With the ongoing market slump, El Salvador lost $12 million on its bitcoin investmetns. The buying process and wallets are undisclosed so the exact amount is still unknown but the estimates put the loss at between $10 million and $12 million. El Salvador’s BTC experiment was hailed by some as pioneering and a leading way for other nations to start following. The losses outline the risks involved with crypto investing as well as the given quantities involved and the public manner where the country has gone about business.
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