The first country to adopt Bitcoin (BTC) as legal tender, El Salvador has relaunched its own wallet project, Chivo, in order to ease local BTC transfers.

Chivo wallet's scalability, stability, and uptime are of major concern to El Salvador led by the Nayib Bukele government, which is trying to provide a permanent solution for over 4 million BTC users. The country also plans to install 1500 Bitcoin ATMs.

The relaunch of its local Bitcoin wallet, Chivo, is to better address the challenges that currently exist in regards to Bitcoin transfers. The country has also partnered with an infrastructure provider, AlphaPoint, to help make Bitcoin processing easier.

In the updated Chivo wallet, instantaneous Bitcoin transactions are expected to be made with reduced fees, while reliability and scalability concerns are addressed.

The Chivo wallet has rolled out to 2.1 million Salvadorans, which, by the end of the year, will have engulfed 75% of the population. Nevertheless, this rapid growth is not without hiccups, which is why the wallet partnered with AlphaPoint.

Co-founder and CEO of AlphaPoint, Igor Telyatnikov, said, “El Salvador and President Bukele are truly leading globally with this first major experiment in Bitcoin adoption at a country-wide level. We are honored to be involved in the process and provide the scalable and reliable solutions needed for this massive undertaking.”

A number of issues have plagued the nation's economy since it adopted Bitcoin as legal tender. El Salvador has already been warned that it may become a pariah in the world economy. However, it continues its quest to learn more about the technology.

Some have protested the measure, and Reuters recently reported that the majority of Salvadorans disagree with the new Bitcoin law as per a recent survey. No matter what, it is unclear how many people will use Chivo.

Pavan A

CBW - External Analyst

INDIA