El Salvador to update Chivo wallet to facilitate Bitcoin (BTC) transfers
El Salvador became the first country to adopt Bitcoin as legal tender last year. To make its BTC initiative possible, the country launched the Chivo wallet to facilitate the transfer of Bitcoin locally.
The country has now relaunched this Chivo wallet to solve existing problems when users transfer Bitcoin locally.
El Salvador solves concerns with Chivo
The Chivo wallet update has been updated through the Alphapoint integration. This update will facilitate Bitcoin transactions at lower fees. It will also solve some of the concerns present in the wallet, including scalability and stability.
The Chivo wallet has seen growing adoption from Salvadorans. After a month of Bitcoin being used as legal tender, the president of El Salvador, Nayib Bukele, stated that the wallet had registered 2.1 million Salvadorans. Despite the wallet’s success, it has been plagued by several issues.
To solve these issues, the Salvadoran government has partnered with AlphaPoint, a white label infrastructure provider. The Salvadoran government seeks to boost the wallet’s stability, scalability, uptime, and social impact through this partnership.
Expanding the use of the Chivo wallet
An official statement from the government notes that Chivo will expand its use cases to accommodate daily Bitcoin transactions. The wallet will have features that allow people to pay for utilities, taxes and other daily transactions using Bitcoin.
“The project has aspirations to Chivo is also in the process of deploying 1500 Bitcoin ATMs around the country to more readily serve the Salvadoran population,” the announcement said.
The integration with AlphaPoint will also be useful in the point-of-sale systems, websites and administrative systems for the Salvadoran government. It will also integrate the potential of the Lightning network to offer faster and low-fee Bitcoin transactions.
The CEO and co-founder of AlphaPoint, Igor Telyatnikov, commented on this development, saying, “El Salvador and President Bukele are truly leading globally with this first major experiment in Bitcoin adoption at a country-wide level. We are honoured to be involved in the process and provide the scalable and reliable solutions needed for this massive undertaking.”
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