El Salvador was the first nation which accepts Bitcoin(BTC) as a legal tender, and the country is now focusing on relaunching the Chivo wallet. The El Salvador Nayib Bukele led government focuses on Chivo wallet’s stability and uptime, scalability, and social impact.
The nation is also planning to deploy 1500 Bitcoin ATMs. Several teething issues have plagued the nation’s economy since it adopted BTC as a legal tender. The IMF has already warned El Salvador of becoming a pariah in the world economic order.
However, El Salvador continues its process to make BTC a legal tender. In addition, it has relaunched its in-house Chivo wallet to address the existing challenges of BTC transfers locally. It has also partnered With AlphaPoint integration; the updated Chivo wallet is expected to carry out instantaneous low-fee Bitcoin transactions while fixing concerns related to stability and scalability.
President Nayib Bukele announced that Chivo wallet onboarded 2.1 million Salvadorans, which by the end of the year amasses 75% of the population. However, this mass adoption is not without hiccups, and there are numerous roadblocks, including system issues and missing funds. As a result, El Salvador partnered with a white label infrastructure provider, AlphaPoint, focusing heavily on Chivo wallet’s stability and uptime, scalability, and social impact.
As per an official statement, Chivo intends to expand its current consumer-faced use cases. It envisages simplifying payments of home utilities, taxes, and many other daily transactions in Bitcoin. The process will also see the launch of more than 1500 BTC ATMs across the nation to serve El Salvadorans.
If the AlphaPoint integration succeeds in its intentions of providing support for point-of-sale systems, websites, and the Salvadoran government’s administrative console, it will be a significant milestone. In addition, the process will enable Lightning integration for nearly instantaneous low-fee Bitcoin transactions via QR and Lightning addresses.
AlphaPoint CEO and co-founder Igor Telyatnikov said: “El Salvador and President Bukele are truly leading globally with this first major experiment in Bitcoin adoption at a country-wide level. We are honored to be involved in the process and provide the scalable and reliable solutions needed for this massive undertaking.”