When it comes to crypto adoption, El Salvador is the most prominent name that comes to mind; despite all odds and strict words from IMF and World Bank to banish the thought of making Bitcoin a legal tender, El Salvador went ahead and did it anyway. Among the US dollar, Bitcoin has become the second mode of payment in El Salvador, and it is being enforced by the state itself.
After the success that El Salvador has managed to gather via their Bitcoin legal tender, other countries also jumped on this opportunity. Not all of them wanted to do the same thing or choose the same path that El Salvador did, which was to make Bitcoin a legal tender right from the bat. Ukraine is the second country following the lead of El Salvador, which has made Bitcoin a necessary mode of payment but not a legal tender apparently.
The president of El Salvador has taken it to Twitter to share the wonderful news with the rest of the world that their state-controlled crypto wallet app has been downloaded and is active with 500,000 users at the moment. This is definitely a milestone because the state didn’t believe that its decision to make Bitcoin a legal tender would be taken so generously by the people.
El Salvador Embraces Chivo Wallet
Thanks to the wonderful marketing done around their Chivo Bitcoin wallet, anyone who can register themselves successfully on the crypto wallet app will receive $30 in the form of Bitcoin within their newly set up wallet. This not only means that the transition is going smoothly but also means that any other plan the state has in mind for Bitcoin can be gradually implemented, and it might be taken pretty decently by the people.
With this amazing scheme of El Salvador, finally, the true essence of decentralized technology can be being relished. Banks don’t allow everyone to open an account and use their services because there exists certain discrimination of poor and rich, but the Bitcoin wallet is accessible to all, and everyone has their own bank account, at least in El Salvador. This is nothing short of incredible.