The latest statement from El Salvador’s pro-bitcoin president Nayib Bukele clarified that citizens will not be forced to use government-issued “Chivo” bitcoin wallets.
In a tweet on June 29, El Salvador’s President Bukele stated that he wanted to clarify any misinformation regarding the government wallet application. Pass the country’s Bitcoin law Effective on June 9th, September 7th.
The new Bitcoin wallet is called Chivo, which is a “cool” slang term in El Salvador, and can store Bitcoin and U.S. dollars. Bukele stated that it is just one of many crypto wallets that can be used and emphasizes its interoperability with other wallet applications.
Clear the misinformation they are trying to spread #LeyBitcoin:
1. The government wallet is just one of many wallets that can be used.
2. The @chivowallet It will be fully compatible with other wallets.
-Nayib Bukele (@nayibbukele) June 28, 2021
In order to alleviate privacy issues, he added that the personal information requested by the wallet is already owned by the government, emphasizing that any requests for personal data within the app are for security purposes.
Bukele also emphasized that Chivo Wallet does not incur transfer fees or commissions, noting that, unlike traditional cryptocurrency exchanges, converting BTC to USD (and vice versa) will not reduce fees, and unlike credit cards, no commissions will be charged To merchants or users.
Bukele stated that once the government has completed the launch of 200 new physical Bitcoin ATM branches, any funds held or received in U.S. dollars or BTC in the Chivo Wallet can be withdrawn as U.S. dollar cash at any time, called “Chivo Points” or ” Chivo ATM”.
The President also clarified that Announcing the government BTC handout for $30 on June 25 The inability to convert into U.S. dollars emphasizes the government’s intention to encourage the use of Bitcoin and Chivo Wallet.
The new digital wallet program may completely change the monetary policies of Central American countries.According to NASDAQ data, approximately 70% of El Salvador’s population cannot use bank accounts or any financial services report.