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El Salvador Redeploys Chivo Wallet in Partnership with AlphaPoint

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Concept for investors in cryptocurrency and Blockchain technology in El Salvador. Bitcoins on the background of the El Salvador flag

El Salvador has relaunched the Chivo wallet with AlphaPoint integration to enable low fees bitcoin transfers in the local market.

Source: Cointelegraph

BTCUSD is down -0.76%

The collaboration also aims to deploy 1500 bitcoin ATMs across the country and integrate payment services for utilities, taxes, and regular transactions.

The wallet is set to execute instant bitcoin transactions at low transaction fees while tackling the challenges of stability and scalability.

El Salvadorian President Nayib Bukele noted that Chivo wallet had enrolled 2.1 million users in the country just one month after making BTC a legal tender.

The fast adoption of the currency, which recorded about 75% of the El Salvadoran population by the end of last year, was met with system challenges and cases of lost funds.

El Salvador’s administration is also looking at the possibility of offering cheaper interest rate BTC loans to small-scale businesses.

The country’s Director of Technology and Economy International affairs, Mónica Taher, said that small bitcoin loans would enable access to digital money while maintaining their credit history.

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