{"id":31664,"date":"2022-07-06T10:46:07","date_gmt":"2022-07-06T14:46:07","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=31664"},"modified":"2022-07-06T10:46:09","modified_gmt":"2022-07-06T14:46:09","slug":"el-salvadors-chivo-wallet-processed-52m-in-remittances-in-2022","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/el-salvadors-chivo-wallet-processed-52m-in-remittances-in-2022\/","title":{"rendered":"El Salvador’s Chivo wallet processed $52M in remittances in 2022"},"content":{"rendered":"\n
The El Salvador<\/a> Central Reserve Bank reports that from January to May of this year, payment app Chivo has processed remittances from Salvadorans residing abroad totaling about $50 million.<\/h5>\n\n\n\n
\"El
El Salvador's Chivo wallet processed $52M in remittances in 2022<\/figcaption><\/figure>\n\n\n\n

The $52 million in remittances that Chivo, a national digital wallet service\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, processed over the first five months of the year, was a significant finding. When compared to the same period in 2021, the value has increased by $118 million, or 3.9 percent.<\/p>\n\n\n\n

On Wednesday's episode of the regional television news program Frente a Frente, Douglas Rodrguez\u2014president of El Salvador's central bank\u2014explained the broad economic picture for the nation.<\/p>\n\n\n\n

In September 2021, Chivo was introduced as the Central American nation became the first in the world to recognize Bitcoin (BTC) as legal money. More than 2 million users are said to have downloaded the app in less than a month of its release, which caused significant teething troubles for the state-approved payment network.<\/p>\n\n\n\n

The relaunch of the government-approved payment service provider in February of this year was made necessary by the onboarding of an estimated 4 million customers who wanted to take advantage of the reduced rates for BTC payments and transfers<\/a>. AlphaPoint, an American software company, joined the project to address scaling and stability difficulties.<\/p>\n\n\n\n

Users of Chivo can send and receive money commission-free in both Bitcoin and US dollars. Nayib Bukele, the president of El Salvador and a supporter of Bitcoin, has previously asserted that the app will save users $400 million a year in fees from utilizing traditional remittance and payment service providers in the nation.<\/p>\n\n\n\n

The Lightning Network, a Bitcoin layer-2 payment mechanism that offers low-cost BTC transactions, is also used by the application. With a 400 percent rise in payment volume over the previous year, the uptick in Lightning Network<\/a> transaction volumes may be directly attributed to the adoption of Bitcoin and Chivo in El Salvador.<\/p>\n","protected":false},"excerpt":{"rendered":"

The El Salvador Central Reserve Bank reports that from January to May of this year, payment app Chivo has processed remittances from Salvadorans residing abroad totaling about $50 million. The $52 million in remittances that Chivo, a national digital wallet service , processed over the first five months of the year, was a significant finding. […]<\/p>\n","protected":false},"author":12,"featured_media":31667,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[10902,456,4013],"class_list":["post-31664","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-chivo","tag-el-salvador","tag-remittance"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/07\/image-10.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/31664","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=31664"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/31664\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/31667"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=31664"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=31664"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=31664"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}