El Salvador's Bitcoin Chivo wallet users surpass 500,000
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El Salvador's Bitcoin Chivo wallet users surpass 500,000

Saudu Clement
Saudu Clement

Although there has been a lot of drama surrounding El Salvador’s Bitcoin Law, it appears the country is off to a great start.

According to reports from local news media, El Salvador's digital Bitcoin wallet Chivo already hosts half a million users. While this may seem like a sign of widespread adoption, it could also mean that citizens are only interested in the $30 Bitcoin airdrop.

The wallet was introduced by the government on Sept 7, and users are entitled to $30 in Bitcoin when they download the app. As of September 7, the total Bitcoin stash of the country stood at 400BTC, indicating the degree of success it has attained.

However, El Salvador's Bitcoin integration has not had the smoothest of rides so far.  Several groups have staged protests against the Bitcoin law, from citizens and opposing factions.

In an earlier incident, protesters vandalized a Bitcoin ATM in the nation’s capital, further expressing their displeasure with the new law.

A Salvadoran, who took to Reddit to voice his disapproval, spoke about how Bitcoin could further cement existing inequalities. He feared that the assets in the wallet could be seized at any time.

The country has employed several strategies to push its Bitcoin agenda. It even went as far as exempting foreigners from paying taxes on Bitcoin profits and offering permanent residency to those who decide to move over and establish an entrepreneurial venture.