El Salvador's Bitcoin Wallet Chivo Earns $52M in Remittances in 2022
Salvadoran payment app Chivo processed $52 million in remittances in the past six months, with expats using commission-free BTC transfers.
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Salvadorians living abroad sent more than $50 million in remittances from January to May this year, according to the Central Reserve Bank of El Salvador.
Douglas Rodríguez, president of El Salvador's central bank, presented the country's general economic outlook on the local TV news program Frente a Frente on Wednesday.
One of the biggest takeaways was the $52 million in remittances processed by national digital wallet service Chivo in the first five months of the year. This represents an increase of 3.9% and $118 million in value compared to the same period in 2021.
Chivo was launched in September 2021 as the Central American country became the first in the world to adopt Bitcoin (BTC) as legal tender. The app's launch reportedly attracted more than 2 million users in less than a month, causing major teething problems for the state-approved payment platform.
The government-sanctioned payment service provider was relaunched in February this year...
Salvadoran payment app Chivo processed $52 million in remittances in the past six months, with expats using commission-free BTC transfers.
New
Salvadorians living abroad sent more than $50 million in remittances from January to May this year, according to the Central Reserve Bank of El Salvador.
Douglas Rodríguez, president of El Salvador's central bank, presented the country's general economic outlook on the local TV news program Frente a Frente on Wednesday.
One of the biggest takeaways was the $52 million in remittances processed by national digital wallet service Chivo in the first five months of the year. This represents an increase of 3.9% and $118 million in value compared to the same period in 2021.
Chivo was launched in September 2021 as the Central American country became the first in the world to adopt Bitcoin (BTC) as legal tender. The app's launch reportedly attracted more than 2 million users in less than a month, causing major teething problems for the state-approved payment platform.
The government-sanctioned payment service provider was relaunched in February this year...
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