Chivo wallet is launched by the government of Salvador, The president explained the usage of the wallet and cleared up the misconception about bitcoin adoption.
El Salvador recently got on the news after passing the “Bitcoin law” which will come into effect from September 7. The government has set up his wallet which goes by the name” Chivo wallet”. After the announcement of bitcoin adoption by the country, A lot of people were asking questions that how it will work? What will be the rules and regulations? How Chivo wallet will work? What will be the requirements for using the wallet?
A video was retweeted by the president on Twitter in which he explains the place of Chivo wallet in the free market:
- The Government wallet is only one of many wallets that can be used
- The Chivo wallet will be fully compatible with other wallets.
- The personal data requested by the wallet is already held by the Government. In the DUI we have the photo, full name, age, address, telephone number, height, fingerprints, etc. The objective of entering data into the wallet is to prevent the theft or loss of money in it.
- The use of the Chivo wallet will have no cost, there will be no commissions to send or receive remittances, or to make or receive payments, or to convert bitcoin to dollars or vice versa. No commission will be charged to merchants, as credit cards do.
- The money that is held or received (in dollars or bitcoin) in the Chivo wallet can be withdrawn in cash (in dollars) at any time you want. It can be done at the physical branches that will be opened in Chivo and at Chivo ATMs. This will have NO commission.
- There will be more than 200 Chivo points (between ATMs and branches) in historic centers and shopping centers, where you can withdraw dollars in cash from the Chivo You can also make deposits, purchase bitcoin, and other services. Everything will be without commission.
- Converting dollars to bitcoin or from bitcoin to dollars is free and can be done at any time from the wallet, at the market price of that moment. This is also commission-free. You are not required to do any conversion if you do not want to.
- The only bitcoin That cannot be converted is the $ 30 in bitcoin that the Government will give. Those can only be spent. Why? Because the purpose of that $ 30 in bitcoin is not giving away money, but encouraging the use of bitcoin and the Wallet.
- Once this $ 30 in bitcoin are spent, they will enter the normal system and can be kept in bitcoin, converted into dollars, and/or withdrawn in cash at any Chivo point, which will be distributed throughout our country Flag of El Salvador I hope I have resolved your doubts.
The president has addressed the misconception about bitcoin and Chivo in a simple way. He is trying very hard for the success of this project. El Salvador is trying to set an example and it is encouraging for the crypto community.