Over 500,000 people register for El Salvador‘s Chivo wallet app in a single week

Despite being an optional alternative for people, El Salvador's state-owned native Chivo Wallet app has garnered over 500,000 registrations in just one week.

This was mentioned in a Tuesday report by President Nayib Bukele on the status of the Bitcoin law and efforts to facilitate crypto usage in the country.

Apart from the Chivo wallet, here are other updates on El Salvador's Bitcoin law.

President Bukele said that the country now has 200 Chivo bitcoin ATMs and 50 in the United States, which enable users to fill up their app balance with no commission/ fees.

Additionally, the president stated in the tweet that users can now fund their wallets without paying commission/ fees using any credit, debit, or gift card from anywhere in the world. Salvadorians can now transfer as low as $0.01 in Bitcoin, instead of the previous $5 minimum.

However, new customers are presently unable to register for the state-owned Bitcoin and dollar accounts due to technical difficulties, Bukele explained.

He did, however, declare that 95% of Chivo Wallet's technical issues have been resolved.

El Salvador's cryptocurrency use continues to grow in the aftermath of the country's Bitcoin law.

Only one week after El Salvador's Bitcoin law took effect, adoption numbers indicate strong demand from retailers and citizens to use the new means of exchange.

The rise in demand is also evidenced by the large number of people who have enrolled for the Chivo Wallet app (over 500,000). Additionally, chain stores and other mainstream businesses have begun accepting Bitcoin payments. McDonald's, Starbucks, Wendy's, Dollar City, China Wok, and Pizza Hut are just a few of them.

Banco Cuscatalan, the country's largest bank, has also integrated Bitcoin into its services.

Satoshi Nakamoto's idea of creating a truly peer-to-peer digital form of money has begun to materialise with the acceptance of Bitcoin in El Salvador.

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