El Salvador gets over half a million Bitcoin wallet users, says President

NEW DELHI: The number of consumers using the Bitcoin wallet Chivo in El Salvador has steadily increased to more than half a million, nearly a week after the country made Bitcoin legal tender.

The Chivo wallet is an electronic application that Salvadorans can download and earn a bonus of $30 in Bitcoin. This is an incentive by the government to encourage citizens to adopt crypto usage.

Ever since the adoption of Bitcoin as legal tender on September 7th, the country has been in news. The crypto even crashed to $42,000 on its launch day in the country.