El Salvador, the first country to legalise Bitcoin (BTC), has revamped its in-house Chivo wallet to solve the existing issues of BTC transfers on a local level. With AlphaPoint integration, the upgraded Chivo wallet will perform instantaneous low-fee Bitcoin transactions while maintaining stability.
President of El Salvador, Nayib Bukele, revealed that 2.1 million Salvadorans have already registered on Chivo wallet within the first month of introducing BTC as legal cash. However, still there were many barriers to its broadening, including system difficulties and lack of fundings. The government of El Salvador worked with AlphaPoint, a white label infrastructure provider seeking a long-term solution for nearly 4 million BTC users. According to the official statement, Chivo plans to expand its current consumer-facing use cases to additional day-to-day activities such as streamlining payments for home utilities, taxes, and a variety of other daily Bitcoin transactions.
The most recent AlphaPoint integration will include functionality for point-of-sale systems, websites, and the administrative dashboard of the Salvadoran government. In order to investigate other use cases for BTC, the government plans to investigate the prospect of BTC loans with reduced interest rates.
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