El Salvador aims to fix Chivo and the features of the wallet by partnering with AlphaPoint technology so let’s read further in our latest crypto news.
El Salvador aims to Fix Chivo and the wallet’s problems by using AlphaPoint’s technology. The governemnt of El Salvador and the American Financial technology provider, AlphaPoint joined forces to improve the performance of the chivo Wallet. The feature allows access to BTC for thousands of citizens in the country. Last year, El Salvador put its name in the spotlight as it became the first state to accept BTC as a legal tender. The authorities also introduced the Chivo wallet which is a crypto wallet for the locals which can facilitate BTC transactions.
Right away, the decision was met with huge enthusiasm among locals but then-President Nayib Bukele announced the wallet surpassed 2.1 million users or 30% of the population. The mass adoption led to a few issues like slow transactions, blocked accounts, and unauthorized charges. To resolve these issues, the government partnered with AlphaPoint, an American software firm that supports crypto projects. The authorities promised to change the frontend and backend technology provider for the wallet with the help of the new partner. Speaking on the matter was the co-founder of AlphaPoint, Igor Telyatnikov who said:
“No one else has attempted to execute a project of this nature. We at AlphaPoint are honored to be involved in the process and provide the reliable, scaled solutions needed for this effort. The Chivo Wallet app is currently supporting millions of Salvadorans, many of them accessing financial services for the first time.”
The upgrade of El Salvador’s crypto wallet came a few days after the IMF urged the government of the country to remove Bitcoin’s legal tender status. It is said that the legislation poses a huge risk to the economy and can create contingent liabilities. Right after, the treasury minister Alejandro Zelaya responded to the criticism saying that there was no international organization that will make them do anything. Apart from embracing the main cryptocurrency as an official payment method, the Salvadoran authorities bought BTC on a macro scale. The latest purchase came at the end of January when the nation gathered 410 BTC worth $15 million and now the state has 1801 BTC which is equal to $70 million.
El Salvador also involved bitcoin in some other endeavors and the government said it will use some of the profits accumulated from BTC purchases and create a pet hospital. The authorities vowed to employ some of the revenue into building 20 schools and those that will educate the locals about cryptocurrency and its blockchain technology.
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