El Salvador is making strides in its adoption of Bitcoin, with the relaunch of the Chivo wallet and plans to deploy 1,500 Bitcoin ATMs. The Chivo wallet, integrated with AlphaPoint technology, aims to facilitate fast and affordable Bitcoin transactions while addressing issues related to stability and scalability.
Since becoming the first country to accept BTC as legal tender, El Salvador has faced challenges such as system glitches and missing funds in the Chivo wallet. To resolve these issues for its 4 million BTC users, the government partnered with AlphaPoint to improve the wallet’s performance and social impact.
The Chivo wallet is looking to expand its utility beyond consumer transactions to include payment of home utilities, taxes, and other daily expenses in Bitcoin. Additionally, there are plans to set up 1,500 Bitcoin ATMs across the country to better serve the Salvadoran population.
AlphaPoint’s recent integration will enhance support for point-of-sale systems, websites, and the government’s administrative console. Furthermore, the update includes Lightning integration for faster, low-cost Bitcoin transactions through QR and Lightning addresses.
Igor Telyatnikov, CEO of AlphaPoint, commended El Salvador and President Bukele for their pioneering efforts in Bitcoin adoption at a national level. He expressed pride in playing a role in providing reliable solutions for this significant initiative.
In another development, El Salvador is exploring the potential of offering BTC loans with reduced interest rates to promote greater use of the cryptocurrency. This initiative aims to provide small and micro-businesses with access to digital money, enabling them to build credit history. By supporting its small businesses, El Salvador hopes to bolster its economy through this innovative approach.
