El Salvador Residents Lose Interest in Bitcoin

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A surge of interest in the largest digital currency was observed in El Salvador last year following the entry into force of a law recognizing Bitcoin as a means of payment in the country.

However, in the end of last year, interest in BTC started to decline. According to the US National Bureau of Economic Research report, only four out of ten Salvadorans have not only installed the Chivo crypto wallet on their smartphone, but also continue to actively use this application.

Most citizens have downloaded the service only to receive $30 in BTC they get as a bonus, which is paid by the government at the initiative of Salvadoran president Nayib Bukele.

Chivo has become an official service released under the auspices of the Salvadoran authorities. With this application, the government hoped to stimulate the growth of the use of Bitcoin when paying for goods and services.