Salvadorans are embracing the Chivo wallet. El Salvador’s government-backed Bitcoin wallet has achieved significant success in terms of adoption, according to an exec at the cryptocurrency exchange behind the wallet. (Reporting via coindanslecoin)
“Through our work with the Chivo Wallet, we’ve been able to see how a significant part of the population has turned to using the application for safe and easy transactions,” Vallejo stated. He referred to a, which found that 40% of those who downloaded the Chivo wallet continued to use it after they received their government incentives. He stated:
“We believe that this is a relatively strong sign of adoption. As education regarding cryptocurrency and everyday use cases increase in the region, more users will remain on the application with a deeper understanding of the technology and the opportunities that it creates.” Vallejo said that 20% of all Salvadorans continued using the Chivo wallet after spending their free $30 bonus in BTC. This should be viewed as a “strong signal of increasing adoption,” especially when compared to the adoption of traditional financial services in El Salvador. According to some sources, only 29% of adults in El SalvadorFurthermore, 70% of El Salvador’s population doesn’t have a bank account and work in the informal economy.
Financial inclusion is not only a moral imperative, but also a way to grow the country’s economy, providing access to credit, savings, investment and secure transactions.