chivowallet
446 views
4 Discussing
Hot
Latest
See original
El Salvador and Cryptocurrencies: Innovation or Distraction in a Stagnant Economy?
In September 2021, El Salvador made history by adopting Bitcoin as legal tender, a bold bet promoted by President Nayib Bukele. The stated goal was to promote financial inclusion, reduce remittance costs, and attract foreign investment. However, two years later, the impact on the real economy remains limited, while structural challenges persist that hinder growth.
The Promise of Bitcoin
- Financial inclusion: 70% of the population did not have access to banking services. The state wallet #ChivoWallet aimed to democratize digital transactions.
The Promise of Bitcoin
- Financial inclusion: 70% of the population did not have access to banking services. The state wallet #ChivoWallet aimed to democratize digital transactions.
Day 7 – A Country Made Bitcoin Legal Tender… and It Wasn’t the U.S. 🇸🇻
> 🌐💥 Crypto Fact of the Day
In 2021, El Salvador became the first country in the world to declare Bitcoin as legal tender.
That means:
You can use BTC to pay for anything — from coffee to taxes.
Businesses are required to accept Bitcoin by law.
Even the government launched a crypto wallet called Chivo and gave citizens $30 in BTC to onboard them.
President Nayib Bukele even announced plans to build a “Bitcoin City” powered entirely by a volcano (yes, seriously 🌋) and funded by Bitcoin-backed bonds.
While the world watched nervously, El Salvador made history — proving that crypto isn’t just for tech bros anymore. It’s now part of national policy.
#CryptoFacts #ElSalvadorCryptoWealth r #BitcoinLegalTender #btcadoption #ChivoWallet
> 🌐💥 Crypto Fact of the Day
In 2021, El Salvador became the first country in the world to declare Bitcoin as legal tender.
That means:
You can use BTC to pay for anything — from coffee to taxes.
Businesses are required to accept Bitcoin by law.
Even the government launched a crypto wallet called Chivo and gave citizens $30 in BTC to onboard them.
President Nayib Bukele even announced plans to build a “Bitcoin City” powered entirely by a volcano (yes, seriously 🌋) and funded by Bitcoin-backed bonds.
While the world watched nervously, El Salvador made history — proving that crypto isn’t just for tech bros anymore. It’s now part of national policy.
#CryptoFacts #ElSalvadorCryptoWealth r #BitcoinLegalTender #btcadoption #ChivoWallet
IMF Compliance Goals for Bitcoin in El Salvador Face Setbacks
🔍 AI Summary!
El Salvador’s efforts to meet IMF compliance goals regarding its Bitcoin adoption are facing significant hurdles, per Foresight News.
The goals aim to maintain macroeconomic stability and reinforce anti-money laundering (AML) standards.
The government-backed Chivo wallet has been plagued by technical issues, cybersecurity flaws, and low user satisfaction since its rollout.
These concerns raise red flags about the nation’s ability to meet AML and counter-terrorism financing (CTF) protocols.
Non-compliance may jeopardize a critical $1.3 billion IMF loan, potentially harming both the country’s economic credibility and foreign investment prospects in its Bitcoin initiative.
$BTC
#IMFvsCrypto
#CryptoCompliance
#ChivoWallet
#CryptoNews
#DigitalCurrency
#Cybersecurity
#InvestmentRisk
#Macroeconomics
🔍 AI Summary!
El Salvador’s efforts to meet IMF compliance goals regarding its Bitcoin adoption are facing significant hurdles, per Foresight News.
The goals aim to maintain macroeconomic stability and reinforce anti-money laundering (AML) standards.
The government-backed Chivo wallet has been plagued by technical issues, cybersecurity flaws, and low user satisfaction since its rollout.
These concerns raise red flags about the nation’s ability to meet AML and counter-terrorism financing (CTF) protocols.
Non-compliance may jeopardize a critical $1.3 billion IMF loan, potentially harming both the country’s economic credibility and foreign investment prospects in its Bitcoin initiative.
$BTC
#IMFvsCrypto
#CryptoCompliance
#ChivoWallet
#CryptoNews
#DigitalCurrency
#Cybersecurity
#InvestmentRisk
#Macroeconomics
See original
Using Binance in El Salvador!
As everyone knows, #ElSalvadorBitcoin was the first country to adopt Bitcoin as legal tender and using #Binance can be an exciting journey, but it also has its obstacles. Frustration arises when, despite having a full license in the country, you realize that traditional banks are not compatible with the option to sell to fiat, as happens to me when using the cards from Banco Promerica and Banco Hipotecario.
I will share what I do here in El Salvador, and that is that we have a solution at hand: $BTC Bitcoin and the #ChivoWallet .
I will share what I do here in El Salvador, and that is that we have a solution at hand: $BTC Bitcoin and the #ChivoWallet .
Login to explore more contents