The race continues and the advance lengthens! – The salvador continues toinvest in bitcoin (BTC) and improve theaccessibility from the best known cryptocurrency to its nationals.
Chivo joins the Lightning Network
El Salvador, first country in the world to adopt bitcoin as legal tender continues to advance. After meeting many problems with his wallet Chivothe government has worked hard to correct the problems encountered.
In search of a solution to make its application more efficient and more securethe country has just signed a contract with the American company Alpha Point. Based in New York, the company began working on Chivo as early as December. She has in particular improved user interface and corrected various bugs that marred the use of the wallet.
But the real novelty is theintegration network management Lightning Network. This solution, called “second layer”, uses the Bitcoin network. She reduces costs of use and improves its speed of transactions.
“AlphaPoint has improved Lightning integration for low-cost, near-instant Bitcoin transactions via QR addresses and Lightning. This is the first deployment of the Lightning on this scale. The Chivo Wallet app currently supports millions of Salvadorans, many of whom are accessing financial services for the first time. »
Igor Telyatnikov, co-founder and CEO of AlphaPoint
This new possibility will make it possible to make tiny payments, of the order of a cent of a dollar. This adoption will contribute to democratize and facilitate payment nationwide.
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1,500 additional Bitcoin ATMs will appear
In addition to the improvement of the Chivo wallet, the president Nayib Bukele also announced the implementation of 1,500 bitcoin distributors.
With the 205 ATMs already presentEl Salvador will therefore reach the 1,700 distributorsscattered over an area of 21,000 km².
For comparison, in December 2021, there were 1,315 ATM machines scattered around Europe and in Russia. France, which represents approximately 25 times the size of El Salvador, has some… 0.
The stated goal is to allow anyone, wherever they are in the country, to be able to buy or sell bitcoin. By combining the ease of access to bitcoin anywhere in the country and the use of the Lightning Network, theaccess to the currency is completely revolutionized.
The government is also studying the possibility of issuing loans directly in bitcoinwith interest rates at rock bottom.
“Small bitcoin loans will give access to digital money to the unbanked while helping them build a credit history. El Salvador’s economy will grow stronger by empowering its small businesses. »
Mónica Taher, Director of International Affairs of Technology and Economy of El Salvador
As another Salvador said, Henri by his first name, “The best day is tomorrow”. And there is no doubt that the country has many good days ahead.
El Salvador has not finished making people talk about it, and this, despite the sticks in the wheels that the opponents of the regime where the IMF. President keep investingand we can safely assume that it will continue throughout the year.
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