The IMF asks El Salvador not to recognize the digital currency Bitcoin
The IMF asks El Salvador not to recognize the digital currency Bitcoin The IMF emphasized that using Bitcoin
El Salvador was the first country to accept Bitcoin (BTC) as its legal currency, and the country is currently focused on reintroducing the Chivo wallet. The government led by Nayib Bukele is focused on the stability, uptime, scalability and social impact of the Chivo wallet.
El Salvador also plans to install 1,500 Bitcoin ATMs across the country.
El Salvador will install 1500 Bitcoin ATMs
Since the introduction of BTC as a legal currency, domestic backlash and rhetoric from global capital regulators have impacted the country’s economy. The IMF did not hesitate to repeatedly warn El Salvador about this problem.
However, El Salvador continues the process of making BTC legal. Additionally, domestic Chivo wallets have been funded to address current difficulties in transferring BTC locally. With AlphaPoint integration; The updated Chivo wallet is expected to instantly process Bitcoin transactions with low fees while addressing stability and scalability concerns.
President Nayib Bukele announced that he forecasts that 2.1 million Salvadorans, 75% of the population, will use Chivo wallets by the end of the year. However, this mass adoption was not without problems, with many obstacles, including systemic problems and a lack of capital. Therefore, El Salvador partnered with AlphaPoint, a white-label infrastructure provider with a strong focus on the stability and uptime, scalability, and social impact of Chivo wallets.
According to an official statement, Chivo plans to expand its use cases to existing consumers. Making it easier to pay for household services, taxes, and many other daily transactions with Bitcoin are just a few of them. As part of this, more than 1,500 BTC ATMs for El Salvador will be installed across the country.
The AlphaPoint integration will mark a major milestone for the country as it successfully achieves its intention to provide support for the Salvadoran government’s point-of-sale systems, websites and administrative dashboards. Additionally, this process enables Lightning integration for low-cost Bitcoin transactions almost instantly via QR and Lightning addresses.
Igor Telyatnikov, CEO and co-founder of AlphaPoint said:
“El Salvador and President Bukele are truly leading the world with the first major step in adopting Bitcoin nationwide. We are honored to be a part of this massive undertaking and to deliver the scalable and reliable solutions needed for this massive undertaking.”
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