The Bitcoin Wallet of El Salvador Has Onboarded over 4 Million

The Republic of El Salvador which is known as the only country in Central America which does not have a coastline has made big changes in the crypto community just recently. It’s the very first country in the world to adopt Bitcoin as legal tender which is a huge step up. Now, the country has made news once more with its Bitcoin wallet.  

El Salvador’s Big Partnership With Netki

The official Bitcoin wallet of El Salvador, Chivo was able to onboard nearly 4M users. This consists of 70% of the country’s population. This is with the help of Netki, a company that specializes in emote digital identity verification technology which is better for the government since it complies with anti-money laundering laws and helps secure the assets of its customers.

Netki stated in their announcement that Chivo wallet was able to onboard over 4 million users within 45 days. The company’s flagship product OnoardID is best known for its AML (Anti-money laundering) and KYC (Know Your Customer) reputation.

As mentioned before, Bitcoin is an official legal tender of the country which was passed in a bill last year in June. The country’s president, Nayib Bukele made it clear that he passed this bill to help the unbanked population of the country and offer them the opportunity to use digital banking facilities. 

This is a very controversial move by the president and many major financial institutions like the IMF and world banks say that it might lead to economic problems in the future. President Bukele however still continued on with his plan to help his country and citizens. This is most likely the result of the IMF refusing the country financial aid which led the government to take matters into its own hand. 

Conclusion

This is positive news for crypto although it is a little bit controversial since it is the president of the country who officially made this move. Onboarding over 4 million people in your country to cryptocurrency is a good way to help them financially.  Major financial institutions say otherwise because it might lead to economic problems in the long run. 

* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.