Adoption shows no signs of slowing down in El Salvador! The country announces it has onboarded 4 million users for its government-backed BTC wallet Chivo in partnership with digital identity provider NetkiCorp.
. Nayib Bukele, the President of the small Central American nation, made it clear that the goal was to offer digital banking facilities to more than 70% unbanked population in the country. To promote BTC use and ease of transactions, the government launched a national crypto wallet named Chivo and a $30 airdrop in BTC.
Major financial institutions, including the World Bank and the IMF, shared drastic forecasts while warning El Salvador of unwarranted economic consequences. However, President Bukele continued to promote Bitcoin use in the country and rebuked all the fear-mongering. After the IMF rejected $1 billion financial aid, the El Salvador government launched Bitcoin volcanic bond as Bitcoin proponent Max Keiser advised.
Earlier today, President Bukele also responded to Moody’s recent downgrading of El Salvador's sovereign debt and said, “BREAKING: EL SALVADOR DGAF”
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