ShareTweet 0 El Salvador’s Chivo bitcoin wallet has already crossed 500,000 users, as revealed by local news reports. El Salvador’s digital bitcoin wallet Chivo has already hit half a million users, according to reports from local media. The country introduced the wallet on Sept 7. Users receive $30 in bitcoin when they download the wallet for the first time as an incentive. As of Sept 7, the country had purchased 400 bitcoins for its coffers — which by all accounts is ambivalent in terms of its success. El Salvador’s bitcoin integration is off to a somewhat rocky start, as there have been several protests against its adoption. Protests have come from both opposition forces and citizens — with the latter marching in the streets and even filing a lawsuit. The country has used a number of measures to incentivize people to use bitcoin. Foreigners, for example, are exempt from paying capital gains tax on their bitcoin profits. In addition, they receive permanent residency if they decide to move and have an entrepreneurial venture. Some El Salvadorians have taken to Reddit to talk about the general sentiment surrounding bitcoin. The country celebrated its Independence Day on Sep. 15, and many protested against the current government in the streets. News broke that vandals destroyed bitcoin ATMs in the country, which is further evidence of displeasure with the new law. One Redditor spoke about bitcoin further cementing existing inequalities — a concern that was one of the major issues citizens have with the government. They also note that the bitcoins in the Chivo wallet could be seized by the government.
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