El Salvador was the first country to make Bitcoin (BTC) a legal currency. Since September 7, several establishments accept cryptoactive as a method of payment and digital currency can be purchased through ATMs.
A month after the adoption of the BTC, the country saw 3 million people, representing almost half of the population, download Chivo, a digital wallet offered by the government. According to the Salvadorean Foundation for Economic and Social Development, 12% of consumers have already used cryptocurrency.
The government of El Salvador expects Chivo to be the main channel for receiving remittances from the United States. About 2.5 million Salvadorans live in the US and send $6 billion a year to their families in El Salvador.
So far, 30 BTC ATMs installed in Atlanta, Chicago, Houston and Los Angeles send $2 million a day via Chivo, which represents about 10% of all shipments.
Within the country, membership has still been low. The foundation found that only 7% of 233 companies surveyed made any Bitcoin transactions.
Problems with Bitcoin
However, despite successful accession, Salvadorans are facing several setbacks. A report released by the Reuters news agency reports that several users face technical problems using the official cryptocurrency application.
Dozens of Salvadorans reported that they had at least one problem with Chivo, such as irregular transactions and attempted identity theft. Adalberto Galvez, a construction worker, claims he lost $220 while trying to withdraw money from his digital wallet. He claims the money was withdrawn from his account, but he was unable to withdraw the funds. Even after complaining, he got no response.