El Salvador now has the U.S. dollar and bitcoin (BTC) as the nation-state’s legal tender following the implementation of the Bitcoin law on Tuesday, September 7, 2021.
On the day of El Salvador’s implementation of the Bitcoin Law, El Salvador Chivo wallet was launched on major app stores like Google Play, Huawei AppGallery and Apple App Store.
Under the initiative of President Nayib Bukele, Salvadoran consumers can now legally use bitcoin — along with the US dollar which has been the official currency for two decades — to pay for any good or service.
Bitcoin can be bought and spent using a cyber wallet app called Chivo (which translates as “cool” in the local dialect), while cash can be drawn, in dollars, from some 200 bitcoin automated teller machines hastily erected countrywide.
The president has promised $30 for each citizen who adopts the cryptocurrency.
The government has said nobody will be compelled to use the digital currency, and the Chivo app will allow on-the-spot conversion of bitcoin to dollars in cases where merchants prefer to receive online payment in traditional money.
The dollar will remain the currency of reference for product prices, salaries and accounting records.
The government got the ball rolling, buying its first 400 bitcoins Monday, followed by another 150 on Tuesday, for a total value of $26 million.
Merchants that have prepared for the El Salvador adoption of Bitcoin as legal tender are reportedly already accepting Bitcoin payments in the country.
Ed Hernandez runs a family shop in San Salvador where customers buy essentials like rice, beans and cleaning products. He’s well and truly on board.
“During the pandemic, it will be nice not to use physical cash,” he told the BBC, adding that it protects him from customers paying with counterfeit notes.
Download Chivo Wallet App for Android and iOS (iPhone)
The official website of Chivo wallet app is https://www.chivowallet.com
And the chivo wallet el salvador download is available in google play store, Apple store and Huawei app gallery store.