El Salvador has relaunched its in-house Chivo wallet in a bid to overcome the current issues associated with Bitcoin transactions in the country.
Will the AlphaPoint Integration Suffice the current situation
The upgraded Chivo wallet is supposed to carry out immediate low-fee Bitcoin transactions while addressing concerns about reliability and scalability thanks to AlphaPoint integration.
President Nayib Bukele revealed that Chivo wallet has onboarded 2.1 million Salvadorans within the first month of BTC becoming legal cash, accounting for 75 percent of the population by the end of the year. However, there were other barriers to broad adoption, including system difficulties and missing monies.
The government of El Salvador worked with a white label infrastructure provider, AlphaPoint, in search of a lasting solution for over 4 million BTC users, concentrating mainly on Chivo wallet’s reliability and uptime, scalability, and social effect.
According to the official announcement, Chivo plans to expand its current consumer-facing use cases to include other everyday transactions with Bitcoin, such as streamlining payments for home utilities, taxes, and a variety of other items:
āThe project has aspirations to Chivo is also in the process of deploying 1,500 Bitcoin ATMs around the country to more readily serve the Salvadoran population.ā
Support for point-of-sale systems, websites, and the Salvadoran government’s administrative portal will be expanded with the next AlphaPoint integration. Improved “Lightning integration for near-instantaneous low-fee Bitcoin transactions using QR and Lightning addresses” is also included in the upgrade. Igor Telyatnikov, CEO of AlphaPoint and co-founder, stated:
āEl 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.ā
The government of El Salvador is looking into the idea of BTC loans with reduced interest rates in order to explore other use cases for cryptocurrency.
MĆ³nica Taher, El Salvador’s Director of Technology and Economy International Affairs, held a Facebook Live event to discuss the plan to provide low-interest BTC loans to small and micro-businesses, as previously reported. She stated, “
āThe Bitcoin small loans will provide access to digital money for the unbanked while helping them create a credit history. El Salvadorās economy will strengthen by empowering its small businesses.ā
