There’s no sign that El Salvador would slow down on its Bitcoin progress, and apart from the successful passing of its Bitcoin law, it would also soon roll out a digital wallet for its citizens.
But in his latest tweet, Salvadoran President Nayib Bukele clarified that even with the introduction of the “Chivo” Bitcoin wallet, citizens won’t be forced to use it.
The President’s tweet is an effort to further iron out any remaining kinks surrounding the upcoming implementation of the Bitcoin law this coming September 7.
El Salvador’s ‘cool’ wallet
The word “Chivo” is slang for the word “cool” in El Salvador and the government-issued wallet can hold both BTC and USD.
President Bukele also said that Chivo is only one of the digital wallets that Salvadorans can use, and it is built to be interoperable with other wallet applications, which makes it a flexible wallet to have.
When it comes to privacy aspects, he highlighted that any personal information asked by the Chivo wallet will be protected by the government.
One other great benefit that Salvadorans would like about the wallet is that it doesn’t charge any fees on Bitcoin to US dollar conversions (vice versa) and merchant transactions.
Preparing for a big ‘Chivolution’
One other thing he clarified is that the $30 BTC that will be airdropped on Chivo wallets cannot be converted into US dollars to further promote the use of Bitcoins.
The wallet is expected to be a game-changer for El Salvador’s economy because it has the massive potential to provide financial access to Salvadorans, in which 70% have no access to bank accounts or any types of financial services.
Image courtesy of Cointelegraph News/YouTube
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